ICC INDONESIA WORKSHOP

Transcription

1 TWO DAY WORKSHOP ON Date : Thursday & Friday, 20 & 21 October 2016 Time : 09.00am 17.00pm Venue : ****Hotel, Bandung Earn 14 PDU for CDCS/CSDG Holder INTRODUCTION Letter of credit fraud is becoming increasingly common and ever more sophisticated. Although the Uniform Customs and Practice Rules 600 (UCP 600) is frequently incorporated by express agreement into letters of credit, it makes limited reference to fraud, leaving it to be dealt with by the relevant domestic law(s) of the letter of credit contracts. The Court of Appeal s judgment demonstrates that the Court will interpret the UCP 600 in a way which reflects its underlying aims and purposes as well as international banking and trading practice. This led the Court to find that where an issuing bank had issued a notice that it was returning the documents presented under the letter of credit it must do reasonably promptly. Such an obligation was in line with banking practices and expectations and was imposed even though it is not expressly provided for in the UCP 600. Parties to letters of credit governed by the UCP 600 must therefore take care to respect not just its express provisions but also its underlying aims. The judgment also sheds light on the Court s approach to interpreting the UCP 600. In particular, the Court emphasised the international nature of the rules and avoided a national approach to interpretation that may not be applied in other jurisdictions. Where a letter of credit is governed by the UCP 600, parties must therefore ensure their conduct is in accordance with both the underlying aims of the UCP 600 and international banking practice. Where it is not, the parties risk breaching their obligations and incurring significant liabilities. IOB have sought permission to appeal to the Supreme Court. WHO SHOULD ATTEND Banks & corporation : Trade finance specialists Project finance specialists Risk managers Legal managers Compliance managers Managers Financial Institutions Plant engineering & construction International manufacturers & traders Lawyers & Insurance companies Logistic companies

2 SPEAKER: MR. SOH CHEE SENG Dr. Soh Chee Seng is Technical Consultant on Trade Finance Issues for the Association of Banks in Singapore and External Trade Finance Adviser of a number of banks in Asia Pacific. He has more than 25 years experience in trade finance operations with local and foreign banks in Singapore and Malaysia. He currently serves as a member of the UCP600 Drafting Group commissioned by the ICC Banking Commission to revise UCP500. He served as a member of the task force on international standard banking practice for documentary credits. Dr. Soh is also a member of the Panel of Experts, International Chambers of Commerce (ICC) Rules for Documentary Credit Dispute Resolution Expertise (DOCDEX). Dr. Soh has been invited by the a number of financial institutions and bankers associations in South East Asia to conduct a series of workshops on international trade finance, risks in trade finance, ISBP, UCP500, ISP98 and Incoterms He has also been invited by the Supreme People s Court of China, Shanghai High People s Court and Tianjin High People s Court to conduct seminars on ISBP for the judges in China. He has been invited as an expert witness to give his opinions on numerous LC cases in China, Hong Kong, Malaysia, Singapore and South Korea. Dr. Soh received his Ph.D. in law from the China University of Political Science and Law in He received his first degree, Bachelor of Commerce degree with first class honours major in Economics, from Nanyang University, Singapore, in 1973, and completed the Advanced Bank Management Program with the Asian Institute of Management in Manila in 1986.

3 WORKSHOP AGENDA DAY 1 : THURSDAY, 20 OCTOBER 2016 TIME AGENDA Registration Introduction a. The LC ( Credit ) Rules Past, Present and Future b. Drafts and Documents Is draft called for under the LC subject to Bills of Exchange Act? Must acceptance be made on the drafts? Is draft part of the documents in an LC? Credit Industriel et Commercial v China Merchants Bank (2002) EWHC 973 (Comm) (16 May 2002) c. Electronic Documents and eucp Coffee Break 2. Standby LC a. Article 1 of UCP 600 Should Standby LC be governed by UCP? ICC Opinion TA 841 rev Principle of Autonomy a. Definition of LC Tuanku Ja afar vs. Standard Chartered Bank Malaysia Berhad (in the Special Court of Malaya Putrajaya Civil Suits 5 & 6) (2005) Mauri Garments Trading and Marketing Limited v. The Mauritius Commercial Bank Limited (Mauritius) Lunch Break Availability and Place for Presentation a. Sub-articles 7 (c) and 12 (b) Deferred Payment Banco Santander SA vs. Banque Paribas (London) CAI vs. BNP (Singapore) Acceptance Credit Lyonnais vs. Canara Bank (Paris) Negotiation Indian Bank vs. UBS (Singapore) KRedietbank NV vs. Sinotani Pacific Pte Ltd (Agricultural Bank of China, Third party) (Singapore) Rabobank vs. Bank of China (Hongkong) Coffee Break Issuing Bank s Undertaking a. Article 7 of UCP 600 Complying Presentation to a Nominated Bank Grains vs. Indian Bank (2016 SGCA 32) 6. Confirming Bank s Undertaking a. Article 8 of UCP 600

4 WORKSHOP AGENDA DAY 2 : FRIDAY, 21 OCTOBER 2016 TIME AGENDA Registration Advising Bank a. Article 9 of UCP 600 Den Danske Bank A/S and others vs. Surinam Shipping Ltd (Mauritius) Coffee Break 8. Reimbursement a. Article 13 of UCP 600 Bank of Baroda vs. Vysya Bank (London) Standard for the Examination of Documents a. Article 14 of UCP 600 Reasonable Time Bankers Trust vs. State Bank of India (London) Consistency Blonder & Co Inc. vs. Citibank (New York) Beneficiary s Address Cahajaya vs. Citibank (Malaysia) Issuer of Transport Document Abani Trading vs. BNP Paribas (Singapore) Lunch Break Notice of Refusal a. Article 16 of UCP 600 DBJJJ vs. National City Bank (Los Angeles) Swiss S pore Overseas vs. China CItic Bank Xiamen (Hongkong) Coffee Break 11. Disclaimer on Effectiveness of Documents a. Article 34 of UCP 600 UOBM vs. Indian Bank (Singapore) Transferable Credits a. Article 38 of UCP 600 Transfer by Operations of Law A Taiwanese Case Lariza vs. BNI (Singapore) Shenzhen Zhong Dian vs. Dresdner Bank (Shanghai)

5 REGISTRATION FORM/Reply Slip TWO DAY WORKSHOP ON Date : Thursday & Friday, 20 & 21 October 2016 Time : 09.00am 17.00pm Venue : Hotel ****, Bandung Please read the payment instruction below before responding Full Name : CDCS Holder: Yes / No Company : Position : Office Address : Contact No. : Invoice Address : Invoice Attn. : CONTRIBUTION TO COST Early Bird until 23 September 2016 After 23 September 2016 ICC Member : IDR Non Member : IDR ICC Member : IDR Non Member : IDR Including : workshop investment, certificate of completion, meeting package (2 coffee break and 1 lunch per workshop day), accommodation (hotel for 3 nights) Bank Information Payment should be made to ICC Indonesia Bank Mandiri, Jakarta Graha Irama IDR Account No Cancellation : 50% will be refund for any cancellation received by ICC Indonesia prior 30 September. No refund can be made for cancellations received after this date. Please complete this Registration Form and return it to ICC Indonesia before 7 October 2016 by to icc@iccindonesia.org and program@iccindonesia.org (attention: Santi/Susan/Karisa). Registration will be confirmed upon receipt of registration form and contribution to cost. For more information please contact: Tel Date.. Signature. Tempo Pavilion 1, 8th Fl., Jl. HR. Rasuna Said Kav. 11 Jakarta Tel: Fax: icc@iccindonesia.org Website: