Letter of Credit Forum

Dear Pan and Phill,

Thank you for your comments.

We checked with the carrier, the goods were delivered to the client. It seems like he has only committed the fraud. Now, he is not traceable anymore. We have filed a complaint with the Greek Authorities to catch him, but to no avail.

Further, the documents were sent through TNT by our bankers to the cleint's bankers. Further, there seems to be no anomalies in the tracking report of TNT.

However, we cannot rule out if the documents have been tampered with in transit by TNT. 

- Divya

Hello there
I would suggest that you place your bankers on notice and inform your lawyers.
If you take an action, it will preferably be in your country against the bank you originally tendered the documents to. Your lawyers will advise you, but the action will possibly be to demand the return of the documents. I cannot see you taking action against the bank in the destination country as I see no direct line of relationship between you; you did not instruct them, you instructed your bankers etc.
You have no action against the carrier – particularly if the bills were blank endorsed. The carrier MAY assist you – as Pan has suggested – in advising you the name of the party who applied for release, but this is actually privileged information and they are not obliged to disclose it to you.

So, without delay, put the bank on notice and take direction from your legal counsel.
Good luck with this

Perhaps keep us informed of what happens as it is an interesting case for many of us.
Cheers

phill

Hi Friend,

I think that carrier could help you in tracing who took up the goods. Then who made Customs operation etc.

Naturally is a legal question and not for a bank, except in tracing if the documents were sent by special courier or by registered airmails to find where these documents have been misrouted.

Other comments appreciated

Ciao