11 Jan 2017
DBS BANK (HONG KONG) LTD v. NEW HARVEST INTERNATIONAL DEVELOPMENT LTD AND OTHERS
- Citation
- DBS BANK (HONG KONG) LTD v. NEW HARVEST INTERNATIONAL DEVELOPMENT LTD AND OTHERS
- Court
- Court of First Instance
- Case number
- HCMP1361/2005
The court found DBS did not owe an implied contractual term or fiduciary duty to advise the applicant to require a certificate of inspection and, on the facts, did not breach any duty in its examination or payment. The presented documents, including the bill of lading, appeared on their face to comply with the LC and UCP500; the identified features were not discrepancies nor clear and obvious indicia of fraud sufficient to invoke the fraud exception. Accordingly DBS was entitled to reimbursement and recovery of the TR loan and interest; So/WF, New Harvest and Hui are liable under their facili…