Case Update: Winson Oil Trading Pte Ltd v Oversea-Chinese Banking Corp Ltd and another appeal [2024] SGCA 31
“In its recent decision in Winson Oil Trading Pte Ltd v Oversea-Chinese Banking Corp Ltd [2024] SGCA 31, the Singapore Court of Appeal (“CA”) clarified a key principle of the fraud exception to the payment obligation under letters of credit (the “Fraud Exception”)
In particular, the CA confirmed that the common law definition of fraud as enunciated in Derry v Peek (1889) 14 App Case 337 (“Derry v Peek”) and which extends to recklessness in making a false representation applies in considering if a presentation under a letter of credit falls within the Fraud Exception.
Read our case update here