October 21, 2022

UCB v Glencore: Claim for Recovery of Monies paid under a Letter of Credit Dismissed

In a judgment handed down on 21 October 2022, the General Division of the High Court has dismissed a USD 37 million claim by UniCredit Bank AG against Glencore Singapore Pte Ltd for recovery of monies paid under a letter of credit, finding that the bank had not made out its case of fraud or on its other  causes of action.

Chan Leng Sun SC, Colin Liew and Tham Lijing acted for Glencore Singapore Pte Ltd, instructed by Clyde & Co Clasis Singapore.

A copy of the judgment by Andre Maniam J in [2022] SGHC 263 can be found here