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20 Dec 2023

Commodities in Focus Weekly: Singapore Court of Appeal allows Crédit Agricole to recover under LOI after Zenrock's letter of credit fraud

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In its recent judgment in Crédit Agricole Corporate & Investment Bank, Singapore Branch v PPT Energy Trading Co Ltd and another appeal [2023] SGCA(I) 7, the Singapore Court of Appeal confirmed the scope of the fraud exception in relation to letters of credit where the fraud was perpetrated by the issuing bank's customer, not the beneficiary. Crédit Agricole was instead allowed to recover damages under the letter of indemnity which was issued in place of presentation of original bills of lading.

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