August 2026
DCW Monthly: August 2026
Every industry eventually meets the bill for a problem it saw coming and filed away for later. Michael Byrne, IIBLP&
2 min read
In Kuvera Resources Pte Ltd. v. JPMorgan Chase Bank, N.A., the Singapore Court of Appeal on 28 September 2023 reversed the trial court’s judgment granted in favour of JPMorgan. (Summary of trial decision at Nov./Dec. 2022 DCW 18). JPMorgan added its confirmations to two UCP600 letters of credit issued by Dubai-based Bank Alfalah Ltd. to support a resale of coal cargoes between an Indonesian seller and UAE buyer. Kuvera Resources was beneficiary under the credits as it had advanced funds to the Indonesian on-seller. Included in its advices and subsequent confirmations was JPMorgan’s Standard Sanctions Clause. (See boxed text).
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