15 May 2014
SWISS SINGAPORE OVERSEAS ENTERPRISES PTE LTD v. CHINA CITIC BANK CORPORATION LTD, XIAMEN BRANCH
- Citation
- SWISS SINGAPORE OVERSEAS ENTERPRISES PTE LTD v. CHINA CITIC BANK CORPORATION LTD, XIAMEN BRANCH
- Court
- Court of Appeal
- Case number
- CACV197/2013
The Court held that the Bank's MT752 was properly construed as a representation/authorisation to claim reimbursement under the letter of credit but did not constitute an issuing-bank determination under Article 15a because the Bank had not actually examined and determined compliance when it sent that message; however, notwithstanding issues about Article 16 compliance, the decisive legal basis for dismissing the plaintiff's claim was that the parties reached a bona fide compromise (accord and satisfaction) whereby the plaintiff accepted and was paid US$5,122,240 and instructed release of docu…