The ICC Banking Commission conducted its final meeting of 2024 virtually via Teams on 20-21 November. Four separate portions of the event open to Banking Commission members and ICC National Committee representatives took place.
In UniCredit Bank A.G. v. Glencore Singapore Pte. Ltd. decided 21 October 2022, the High Court of Singapore dismissed all claims of UniCredit Bank against Glencore in regards to a USD 37.2 million letter of credit UniCredit issued on 29 November 2019 in favor of Hin Leong Trading to finance the purchase of oil from Glencore.
UniCredit Bank sued Glencore alleging several claims including: rescission of the LC because the underlying sale was a sham; fraud; collusion between Glencore and Hin Leong against it; unjust enrichment; and breach of the presented letter of indemnity.
In dismissing all of UniCredit’s claims, Judge Andre Maniam concluded: “Glencore was entitled to the payment which it received from UniCredit under the LC. Glencore did not defraud or deceive UniCredit; it did not conspire with Hin Leong to injure UniCredit; it was not unjustly enriched. UniCredit is not entitled to rescind the LC, or to recover the payment it made to Glencore.”
