UNICREDIT BANK AG V GLENCORE SINGAPORE PTE LTD

[2023] SGCA 41, Court of Appeal of the Republic of Singapore, Sundaresh Menon CJ, Judith Prakash JCA and Belinda Ang Saw Ean JCA, 28 November 2023

Contracts (Letters of credit) – Fraud – Tort of deceit – Representations – Presentation under letter of credit including letter of indemnity from beneficiary seller to buyer of goods

The plaintiff bank's case was that the defendant, a seller of goods, had committed fraud by simultaneously buying back the same goods without informing the bank about this second transaction.