India’s Directorate of Enforcement (ED) has filed a complaint against entities it believes are responsible for obtaining INR 110 crore (USD 12.25 million) in fraudulently secured loans through letters of credit and export packing credit (EPC) facilities from a consortium of banks led by UCO Bank.
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Indian Officials Attach Further Assets in Fraud Case
As investigations by India’s Directorate of Enforcement (ED) into an alleged INR 1,438 crore (USD 156 million) money
Bangladesh Officials Bring in Jailed Businessman for Interrogation
Further to previous DCW reporting, an imprisoned Bangladesh businessman and former lawmaker was brought to Bangladesh’s Anti-Corruption Commission (ACC)
Investigators Secure Partial Recovery for Scammed Indian Banks
Two Indian banks which lost funds nearly a decade ago from fraudulently obtained letters of credit and non-payment of loans
Views on ICC Opinion TA954
Because standbys and demand guarantees often contain automatic extension clauses, ICC Opinion TA954 offers important lessons for practice and the need for sound drafting of such clauses.
