The Court of Appeal of Singapore has dismissed the claims of two international banks for losses suffered under certain loan facilities as a result of the fraudulent acts committed by an employee of the borrower. The claims were based on several areas of the law including agency law, vicarious liability, negligence and restitution. The decision of the Court of Appeal serves as a timely reminder to local and foreign banks that there is no substitute for robust due diligence and internal risk assessment procedures.
This Alert summarises the facts of the case and highlights the key legal issues before the Court of Appeal.
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