Acted for a leading international commodities trader in a landmark appeal case before the Singapore Court of Appeal involving complex trade finance dispute involving gasoil cargo and back-to-back sale contracts.
The appeal centred on the interpretation of representations and warranties in a payment Letter of Indemnity (LOI), the role of subjective belief in the law of deceit, and the commercial context of letters of credit and LOIs. The Court dismissed the appeal, providing important guidance on LOI construction and fraud in trade finance.
Partners Toh Kian Sing, SC and Nathanael Lin from the Shipping & International Trade Practice led the case.
