Euro-Asian Oil SA v Abilo (UK) Ltd & Ors [2016] EWHC 3340 (Comm) (21 December 2016)

Euro-Asian Oil SA v Abilo (UK) Ltd & Ors [2016] EWHC 3340 (Comm) (21 December 2016)

The court found that Euro-Asian paid for the Fourth cargo but received no product, and that the Fourth sale contract was a valid CIF contract. The Fourth letter of indemnity, countersigned by Credit Suisse, created joint and several liability for Credit Suisse alongside Abilo. There was no binding extra-contractual arrangement altering the parties' obligations. Abilo and Mr Igniska were liable for breach of contract and unjust enrichment; Credit Suisse was liable under the indemnity.

Citation
[2016] EWHC 3340 (Comm)
Parties
Claimant: Euro-Asian Oil SA (formerly Euro-Asian Oil AG); Defendant: Abilo (UK) Limited; Defendant/third Party: Credit Suisse AG; Defendant: Mr Dan Igniska
Jurisdiction
England and Wales
Judgment Date
21 December 2016
Procedural Posture
Commercial Court Claim (contract, Tort, Unjust Enrichment) / Judgment After Trial
Outcome
Judgment for the claimant against Abilo, Mr Igniska, and Credit Suisse.
Legal Topics
Letters of Credit, Letters of Indemnity, CIF Contracts, Breach of Warranty, Unjust Enrichment, Fraud, Agency
Commercial Law Contract Law Banking Law Letters of Credit Letters of Indemnity CIF Contracts Breach of Warranty Unjust Enrichment +2 more

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Parties

Euro-Asian Oil SA (formerly Euro-Asian Oil AG)

Claimant

Abilo (UK) Limited

Defendant

Credit Suisse AG

Defendant/third Party

Mr Dan Igniska

Defendant

Procedural Posture

Commercial Court Claim (contract, Tort, Unjust Enrichment) / Judgment After Trial

Legal Issues

  1. 1 Whether Euro-Asian was entitled to payment or delivery under the Fourth sale contract and letter of indemnity
  2. 2 Whether Credit Suisse was liable under the Fourth letter of indemnity
  3. 3 Whether Abilo and Mr Igniska were liable in contract, tort, or unjust enrichment

Ratio Decidendi

The court found that Euro-Asian paid for the Fourth cargo but received no product, and that the Fourth sale contract was a valid CIF contract. The Fourth letter of indemnity, countersigned by Credit Suisse, created joint and several liability for Credit Suisse alongside Abilo. There was no binding extra-contractual arrangement altering the parties' obligations. Abilo and Mr Igniska were liable for breach of contract and unjust enrichment; Credit Suisse was liable under the indemnity.

Court Disposition

Judgment for the claimant against Abilo, Mr Igniska, and Credit Suisse.

Orders

  • Abilo and Mr Igniska to pay Euro-Asian the purchase price for the Fourth cargo (US$15,844,840.00)
  • Credit Suisse jointly and severally liable under the Fourth letter of indemnity