Deutsche Bank AG, London Branch v CIMB Bank Berhad

Deutsche Bank AG, London Branch v CIMB Bank Berhad

The court held that the AQSIQ stamp on document 7 constituted a sufficient signature under UCP 600 article 3 and ISBP 745, and that the letter of credit expressly provided for presentation of documents up to the expiry date, thereby modifying the 21-day rule in article 14(c). Thus, the documents were compliant and timely presented.

Parties
Claimant: Deutsche Bank AG, London Branch; Defendant: CIMB Bank Berhad
Jurisdiction
England and Wales
Judgment Date
14 December 2017
Procedural Posture
Commercial Claim (reimbursement Under Letters of Credit) / Final Trial and Judgment
Outcome
Claim allowed; judgment for claimant
Legal Topics
Letters of Credit, Documentary Compliance, UCP 600 Interpretation, International Trade Finance
Banking Law Commercial Law Letters of Credit Documentary Compliance UCP 600 Interpretation International Trade Finance

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Parties

Deutsche Bank AG, London Branch

Claimant

CIMB Bank Berhad

Defendant

Procedural Posture

Commercial Claim (reimbursement Under Letters of Credit) / Final Trial and Judgment

Legal Issues

  1. 1 Whether the document tendered as required document 7 complied with the letter of credit requirements (signature/authentication)
  2. 2 Whether the documents were presented within the required period under the letter of credit and UCP 600

Ratio Decidendi

The court held that the AQSIQ stamp on document 7 constituted a sufficient signature under UCP 600 article 3 and ISBP 745, and that the letter of credit expressly provided for presentation of documents up to the expiry date, thereby modifying the 21-day rule in article 14(c). Thus, the documents were compliant and timely presented.

Court Disposition

Claim allowed; judgment for claimant

Orders

  • Judgment for Deutsche Bank AG for US$9,959,452.57 (before interest)
  • Court to hear counsel on interest, costs, and further matters