Euro-Asian Oil SA v Abilo (UK) Ltd & Ors

Euro-Asian Oil SA v Abilo (UK) Ltd & Ors

Abilo and Credit Suisse breached warranties and undertakings in the Fourth letter of indemnity by presenting documents for a cargo already delivered and paid for under a previous contract, causing Euro-Asian to pay twice. The separate arrangements defence was rejected; contractual obligations governed. Credit Suisse is entitled to an 80% contribution from Abilo for damages paid to Euro-Asian.

Parties
Claimant: Euro-Asian Oil SA; Defendant: Abilo (UK) Limited; Defendant: Credit Suisse AG; Defendant: Mr Dan Igniska
Jurisdiction
England and Wales
Judgment Date
21 December 2016
Procedural Posture
Commercial Contract Dispute / Final Judgment After Trial
Outcome
Judgment for Euro-Asian against Abilo and Credit Suisse on the Fourth letter of indemnity and against Abilo on the Fourth contract of sale. Credit Suisse entitled to 80% contribution from Abilo.
Legal Topics
Letters of Credit, Letters of Indemnity, Breach of Warranty, Contribution, Damages, Fraud, Restitution
Commercial Law Contract Law Banking Law Letters of Credit Letters of Indemnity Breach of Warranty Contribution Damages +2 more

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Parties

Euro-Asian Oil SA

Claimant

Abilo (UK) Limited

Defendant

Credit Suisse AG

Defendant

Mr Dan Igniska

Defendant

Procedural Posture

Commercial Contract Dispute / Final Judgment After Trial

Legal Issues

  1. 1 Whether Abilo and Credit Suisse breached warranties and undertakings in the Fourth letter of indemnity
  2. 2 Whether Abilo breached the Fourth contract of sale
  3. 3 Whether Credit Suisse is entitled to contribution from Abilo

Ratio Decidendi

Abilo and Credit Suisse breached warranties and undertakings in the Fourth letter of indemnity by presenting documents for a cargo already delivered and paid for under a previous contract, causing Euro-Asian to pay twice. The separate arrangements defence was rejected; contractual obligations governed. Credit Suisse is entitled to an 80% contribution from Abilo for damages paid to Euro-Asian.

Court Disposition

Judgment for Euro-Asian against Abilo and Credit Suisse on the Fourth letter of indemnity and against Abilo on the Fourth contract of sale. Credit Suisse entitled to 80% contribution from Abilo.

Orders

  • Abilo and Credit Suisse to pay Euro-Asian US$15,889,500 in damages.
  • Credit Suisse to recover 80% of damages paid from Abilo by way of contribution.