
Singapore court upholds J P Morgan’s refusal to pay L/Cs on grounds of sanctions violations
Singapore’s High Court has ruled in favour of J P Morgan Chase Bank after it was sued for refusing to pay a coal trader under two letters of credit (L/Cs) because its sanctions screening revealed that doing so would have violated US sanctions.
The case of Kuvera Resources versus J P Morgan is the first time a Singapore court has been asked to consider the issue of validity and enforceability of a sanctions clause.
You need to be logged in to view this article.
If you are an existing subscriber please enter your credentials to log in.
To become a member of The Association of Trade Finance Compliance Professionals (ATFCP) click here!
Tags In
Related Posts
Sign up to our mailing list
Trade Based Financial Crime
Trade Based Financial Crime
This online training course provides you with the technical knowledge required to succeed within the trade finance compliance landscape.