Questions and Observations on the Shinetec Case
A dispute involving an ISP98 standby and litigation in two jurisdictions raises a host of considerations. Here, Carter Klein comments on five facets of the Shinetec (Australia) Pty Ltd. v. The Gosford Pty Ltd Australian appellate court decision.
Matt Kozakowski’s case summary of Shinetec (Australia) Pty Ltd. v. The Gosford Pty Ltd. [2024] NSWCA 174 [Australia] gives an excellent overview of the 67-page Australian appellate court case in which an injunction is sought against the beneficiary, Gosford, and the issuer, Bank of China (BoC), against Gosford’s pending draw of AUD 37 Million under BoC’s LC. As a US letter of credit attorney and an outsider to Australian and Chinese letter of credit law, I have a number of questions and observations about the case. These comments are selected and not a comprehensive discussion of the complexities, arguments, statements, and rulings made by the Australian court in the case.
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