MITSUBISHI HEAVY INDUSTRIES LTD. v. GULF BANK K.S.C.

[1997] 1 Lloyd's Rep. 343

COURT OF APPEAL

Before Lord Justice Millett, Lord Justice Potter and Sir Christopher Slade

Banking - Counter indemnity - Guarantee and counter indemnity issued for supply of plant to Kuwait - Iraq invaded Kuwait and contract terminated - Bank claimed under counter indemnity - Whether bank entitled to call for deposit - Whether bank entitled to raise rate of commission - Whether bank entitled to charge interest on unpaid deposit - Whether bank entitled to block credit balance funds.