Our team: Mark Buckley
On 16 April 2014, the Privy Council dismissed the appeal of Surinam Shipping Company against the Mauritius Court of Appeal’s judgment in favour of Den Danske Bank A/S and Mauritius Commercial Bank Limited (MCB).
The case concerned whether MCB had undertaken liability for payment of a letter of credit or was merely an advising bank. If MCB was liable for payment then Den Danske Bank would be liable to MCB pursuant to an indemnity.
Delivering the judgment Lord Toulson found that none of the correspondence relied upon by the appellant showed that MCB had become a confirming bank and thus it and Den Danske Bank had no liability.
Fladgate litigation partner Mark Buckley advised Den Danske Bank.
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