That decision was recently the subject of an appeal to the Singapore Court of Appeal (the CoA).
This alert reports on the decision of the CoA in Crédit Agricole Corporate & Investment Bank, Singapore Branch v PPT Energy Trading Co Ltd and another appeal  SGCA(I) 7, the effect of which changed the outcome for the parties and overturned the SICC judgment on some of the issues. It will be of interest to issuers and beneficiaries of LCs, but it is of wider interest where LOIs are used in connection with sales of goods.
The SICC had dismissed claims brought by Crédit Agricole Corporate & Investment Bank, Singapore Branch (CACIB) in connection with an LC and an LOI, the latter being among documents presented under the LC for payment. The SICC allowed a claim by PPT Energy Trading Co Ltd (PPT) to retain a payment of US$23.7 million made by CACIB under the LC.