Judgment for Confirming Bank that Dishonoured Complying Documents Reversed

-- link to Kuvera case

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).

Read the full story

Sign up now to read the full story and get access to all posts for DCW - Individual Access, DCW - Site Access and DCW - Global Organizational Access tiers only.

Already have an account? Sign in

Great! You’ve successfully signed up.

Welcome back! You've successfully signed in.

You've successfully subscribed to Documentary Credit World.

Success! Check your email for magic link to sign-in.

Success! Your billing info has been updated.

Your billing was not updated.