2nd Half 2014: Market Challenges, Predictions And Directions:
Common Areas of Dispute in the Palm Oil Trade
Mr. K. Murali Pany
Murali is an Advocate and Solicitor of the Supreme Court of Singapore. He read law at the University of Warwick and was called to the Bar of England and Wales in 1995. He was called to the Singapore Bar in 1997. Murali is the Managing Partner of JTJB LLP.
Murali’s practice focuses on commercial and shipping cases. He has advised and acted as counsel in a wide range cases including disputes involving charterparties, cargo, marine insurance, casualty, collisions, fraud, breach of fiduciary duty, company insolvency and shareholder disputes.
He has appeared before the Singapore High Court and Court of Appeal and a number of his cases are reported.
Malaysia is a key player in the international palm oil trade. Malaysia is one of the largest palm oil exporters and the Malaysian palm oil industry accounts for 39% of the global palm oil production.
As with most commodities, palm oil is primarily carried by sea under a bill of lading and paid for by way of a letter of credit. The shipment/delivery of, and payment for, palm oil cargo are areas of risk where disputes commonly arise.
This paper will discuss issues relating to the release of cargo from the vessel without presentation of the corresponding bill of lading, the duty of a bank in examining the relevant documents presented to it under a letter of credit and cargo shortfall claims. The paper will also consider practical suggestions for minimising risk.
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