BANK TEJARAT v. HONG KONG AND SHANGHAI BANKING CORPORATION (CI) LTD. AND HONG KONG AND SHANGHAI BANK TRUSTEE (JERSEY) LTD.

[1995] 1 Lloyd's Rep. 239

QUEEN’S BENCH DIVISION(COMMERCIAL COURT)

Before Mr. Justice Tuckey

Banking - Letter of credit - Mistake - Knowing assistance - Deceit - Letter of credit opened in respect of shipment of cargo of steel - Underlying transactions fictitious - Money paid away on customer’s instructions - Whether plaintiffs could recover their losses from defendants as money paid under mistake of fact - Whether defendants constructive trustees who knowingly assisted in a breach of trust - Whether plaintiffs entitled to damages for deceit.