6 Jun 2005
GNT OIL CO LTD v. HANA BANK
- Citation
- GNT OIL CO LTD v. HANA BANK
- Court
- Court of First Instance
- Case number
- HCCL32/2004
The court held that the defendant failed to meet the evidential threshold required to invoke the fraud exception to the autonomy of the credit; the documents presented complied with the credit (including Field 47A permitting LOI presentation), there was no clear or cogent evidence of dishonesty in issuance of LOIs, and therefore summary judgment was granted for the plaintiff for the credit amount with interest and costs.