Writing as a trade finance professional with a long background in the business, Dave Meynell offers his personal views on factors contributing to the sharp reduction in ICC Official Opinions issued over the past several years.
Bank of China’s fraud lawsuit against BP Singapore over $125M in LC payments tied to non-existent oil survives dismissal. The court found sufficient grounds to proceed on claims of fraud, negligence, and conspiracy—raising the stakes for LC compliance in commodity trades.
