2022 Singapore LC Law Summit
28 July 2022

Thursday, July 28 - Day 1 (all times SGT)

08:30 - 09:00 | Registration & Check-In Day 1

09:00 - 09:15 │ Welcome & Introduction to Day 1

Welcome Remarks: Michael BYRNE (IIBLP)\

09:15 – 10:00 | Re-Setting the Stage for Commodity Financing in Singapore
• Russia | Iran | North Korea | Venezuela
• Sanctions Evasion: Red Flag Indicators
• Problematic Sanctions Clauses (ICC Opinion TA920)
• China Anti-Sanctions Law
• Export Licenses: Needed or Not & Do Banks Require Proof from Beneficiary
• APAC enforcement trends for 2022 and beyond

10:00 – 10:45 | Electronic Banking and Digitization in Singapore: Legal Considerations
• Security & Speed in the Trade Finance Space: Enemies or Allies?
• MLETR: The First Year
• URDTT

10:45 – 11:15 | Coffee & Networking Break

11:15 – 12:15 | Digital Trade for the Rest of Us

• Credit Agricole Corp. & Inv. Bank v. PPT Energy Trading [2022] SGHC(I) 1 [Singapore], (UCP600 LC issuer failed to meet high fraud standard to restrain payment, i.e. beneficiary presented documents with belief that statements therein were true even if reckless to underlying commercial realities; issuer precluded from denying documents complied under Art. 16; LOI terms unenforceable absent full payment by contractual due date).
• Project Stewart LLC v. JPMorgan Chase Bank, No. 2:21-cv-00381-RAJ, 2022 WL 971478 (W.D. Wash. Mar. 31, 2022) (ISP98 standby beneficiary unable to demonstrate personal jurisdiction over issuer in forum state; multiple dishonored presentations where standby term required presentation of MT103 message allegedly impossible to obtain; beneficiary alleged issued standby terms not as agreed with applicant).
• Vanpoy Corp., S.R.L. v. Soleil Chartered Bank, No. 650406/17, 2022 WL 1086345 (N.Y. App. Div. Apr. 12, 2022) (issuer dishonor on basis that B/Ls not presented rejected were LC merely required “authenticated SWIFT demand” referencing LC number and statement of non-payment by buyer; issuer argument for implied term rejected, reinforcing LC independence and construing ambiguous term against issuer).
• ERA Capital L.P. v. Soleil Chartered Bank, No. 651984/2019, 2021 WL 2003177 (N.Y. Sup. Ct. May 19, 2021) (motion to dismiss breach of contract action against UCP600 standby issuer denied; refusal notice merely stated “non-compliant” and issuer later alleged fraud; motion to dismiss common law negligence and fiduciary claims against advising bank denied where beneficiary plausibly alleged advising bank counselled on LC practice, drafting process and confirmed issuer as good bank).

12:15 – 13:15 | Lunch Break

13:15 – 14:00 | ICC Opinions and Briefings from a Lawyer’s Lens
• Triumphs, Travails, and Lessons Learned from Other Interesting LC Adventures

14:00 – 15:00 | Post-Honor Cases – Recoveries Realized for Issuer, Applicant, or Beneficiary?
• The “STI Orchard”, [2022] SGHCR 6 [Singapore] (summary judgment in favour of financing bank denied where triable issue exists on whether bank caused indorsement of B/Ls in its favour in good faith as attempted perfection of security was pursued after discovering customer insolvency and contrary to agreed LC financing arrangement).
• The “Navig8 Amentrine, [2022] SGHCR 5 [Singapore] (financing bank received interlocutory judgment against demise charterer which delivered cargo with B/L production on basis of properly secured financing, i.e. pledge of B/Ls and endorsement rights; B/L not spent as goods not delivered to rightful holder; no basis to deny judgment regarding conflict or complexity of English law; assessment of damages forthcoming).
• Solferini v. Corradi USA, Inc., No. 20-40645, 2021 WL 3619905 (5th Cir. 2021) (trustee of insolvent Italian corporation which secured debt of US subsidiary through LC failed to properly plead post-honor subrogation claim; attorneys’ fee awarded to defendant on basis of prevailing on ill-fated US UCC 5-117(a) claim).
• Malayan Banking Berhad v. Punjab National Bank, [citation] (UCP600 LC issuer liable to negotiating bank as precluded from denying presented documents complied under Art 16; negotiating bank paid against faxed copies of documents; unfounded claim by issuer that freight-forwarded B/Ls presented).

15:00 – 15:15 | Summary of Critical Issues

Confirmed Speakers in yellow