Kookmin Bank v Rainy Sky

We have received a number of urgent enquiries about the outcome of the Kookmin Bank case, which was recently decided by the Court of Appeal, in London. The judgment was issued at the end of May 2010 and held, in effect, that refund guarantees -- relating to advance payments of about US$46 million -- were unenforceable by the Buyers to whom the guarantees had been issued. Given the importance of refund guarantees to our shipping and banking clients, we are issuing this summary of the judgment and its general significance.

Summary

Summary