Lloyd's Law Reports

Professor Robert Merkin KC; Dr Johanna Hjalmarsson

Document

BANK NEGARA INDONESIA 1946 v. LARIZA (SINGAPORE) PRIVATE LTD.

[1988] 1 Lloyd's Rep. 407

PRIVY COUNCILJUDICIAL COMMITTEE

Before Lord Brandon of Oakbrook, Lord Ackner, Lord Oliver of Aylmerton, Sir John Stephenson and Sir Edward Eveleigh

Banking - Letter of credit - Sellers sold palm oil to buyers - Bank opened irrevocable letter of credit - Sellers requested bank to transfer part of letter of credit to suppliers of palm oil - Bank refused - Suppliers were awarded damages against sellers - Whether sellers entitled to be indemnified by bank.

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