MITSUBISHI HEAVY INDUSTRIES LTD. v. GULF BANK KSC

[1996] 1 Lloyd's Rep. 499

QUEEN’S BENCH DIVISION(COMMERCIAL COURT)

Before Mr. Justice Colman

Banking -- Counter indemnity - Guarantee and counter indemnity issued for supply of plant to Kuwait - Iraq invaded Kuwait and contract terminated - Bank claimed under counter indemnity - Whether bank entitled to call for deposit - Whether bank entitled to raise rate of commission - Whether bank entitled to charge interest on unpaid deposit - Whether bank entitled to block credit balance funds.