The “Dark Fleet” exposes financial institutions to sanctions violations, lawsuits, and losses. Learn how to mitigate these hidden risks.
DCW maintains a list of recently-decided court cases involving commercial letters of credit, standby LCs, demand guarantees, and other trade
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-- 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).
In the first of his series of DCW articles on major issues surrounding potential revision of UCP, ICC Banking Commission Senior Technical Advisor Dave Meynell examines the concept of negotiation.
Letter of credit cases can reveal a great deal about how the industry's practice rules and standards are viewed and interpreted by the courts.
Disputes over Independent Guarantee Fraud, Independent Guarantee Payment, and Improper Dishonor
When issuing banks insert complex reimbursement terms and self-serving conditions into their credits, it distorts the purpose of the product, causes problems for confirming banks, and drives exporters away from using LCs.
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