KUVERA RESOURCES PTE. LTD. v JPMORGAN CHASE BANK, N.A.

Q: Which legislation does [2023] SGCA 28 consider?

The judgment refers to High Court (Admiralty Jurisdiction) Act (Cap 123). The statutes cited are listed in full on this page, each linking to its primary text.

[2023] SGCA 28 Court of Appeal 28 September 2023 CA/CA 1/2023 50 min read

19 cases cited (14 SG, 5 foreign) Cited by 4 cases

Outcome

Appeal allowed

we allow the appeal and award Kuvera damages in the sums of US$98,786.87 and S$11,429.32, the breakdown of which is as follows:(a) US$8,893.96 (the Confirmation Charges);(b) US$89,892.91 (the Discount, ie, the difference between the settlement under the MOU and the actual sum paid out by the Buyer to Kuvera); and(c) S$11,429.32 (the Travel Expenses incurred by Kuvera).

Source: [2023] SGCA 28, Court of Appeal, decided 28 September 2023. Read directly from the judgment.

Key facts

Court	Court of Appeal
Decided	28 September 2023
Judges	Judith Prakash, Steven Chong, Sundaresh Menon
Charges / claim	Damages, Contract, Banking
Outcome	Appeal allowed
Sentence / award	$98,786.87
Counsel	Drew & Napier LLC, Mahmood Gaznavi Chambers LLC, Cavinder Bull, Charlene Wong Su-Yi, Chia Voon Jiet, Grace Lim Rui Si, Mahmood Gaznavi s/o Bashir Muhammad, Rezza Gaznavi

Source: [2023] SGCA 28, Court of Appeal, decided 28 September 2023 — eLitigation. Updated 10 July 2026.

Catchwords

Damages — Assessment Contract — Contractual terms Banking — Letters of credit — Confirming bank Banking — Letters of credit — Applicable principle

Practice Areas

Damages Contract Banking

Judges (3)

Judith Prakash Coram Steven Chong Delivered Sundaresh Menon Coram

Counsel (8)

Drew & Napier LLC Firm Mahmood Gaznavi Chambers LLC Firm Cavinder Bull Counsel Respondent Charlene Wong Su-Yi Counsel Respondent Chia Voon Jiet Counsel Respondent Grace Lim Rui Si Counsel Respondent Mahmood Gaznavi s/o Bashir Muhammad Counsel Appellant Rezza Gaznavi Counsel Appellant

Parties (2)

JPMorgan Chase Bank, N.A. Respondent Kuvera Resources Pte Ltd Appellant

Case Significance

Kuvera Resources Pte Ltd v JPMorgan Chase Bank, N.A. [2023] SGCA 28 is a reserved judgment of the Court of Appeal, delivered on 28 September 2023 in Civil Appeal No 1 of 2023, arising from Suit No 57 of 2020. The coram comprised Sundaresh Menon CJ, Judith Prakash JCA and Steven Chong JCA, with Steven Chong JCA delivering the judgment of the court. The appeal concerned a letter of credit and the obligations of a confirming bank against the backdrop of economic sanctions, raising issues on the applicable principles for confirming banks, the relevant contractual terms, and the assessment of damages.

[2023] SGCA 28 explained

KUVERA RESOURCES PTE. LTD. v JPMORGAN CHASE BANK, N.A. ([2023] SGCA 28) is a Singapore judgment decided by the Court of Appeal on 28 September 2023. It is categorised under Damages, Contract, and Banking. Within this corpus it has since been cited by 4 other reported Singapore judgments, a measure of how often later decisions have referred to it. This page summarises what the reported decision covers and links the primary sources — the full judgment, the statutes it cites, and the other cases it engages with — so the decision can be read in context. It is reference information, not legal advice, and it does not state the outcome or any holding beyond what the official judgment records.

What is [2023] SGCA 28 about?

KUVERA RESOURCES PTE. LTD. v JPMORGAN CHASE BANK, N.A. ([2023] SGCA 28) is a Court of Appeal decision from 2023. Its published catchwords are “Damages — Assessment”, “Contract — Contractual terms”, “Banking — Letters of credit — Confirming bank”, and “Banking — Letters of credit — Applicable principle”, which indicate the subject matter the judgment addresses. The full reasoning and orders are in the judgment itself, linked below.

Which legislation does [2023] SGCA 28 consider?

The judgment refers to High Court (Admiralty Jurisdiction) Act (Cap 123). The statutes cited are listed in full on this page, each linking to its primary text.

How influential is [2023] SGCA 28?

Within this corpus, [2023] SGCA 28 has been cited by 4 later reported Singapore judgments. That count reflects references from other decisions held in this corpus only and is a conservative lower bound on how often the case has actually been cited.

What was Kuvera Resources v JPMorgan Chase Bank [2023] SGCA 28 about?

It was a Court of Appeal case decided on 28 September 2023 before Sundaresh Menon CJ, Judith Prakash JCA and Steven Chong JCA, concerning a letter of credit, a confirming bank's obligations, and economic sanctions, in Civil Appeal No 1 of 2023.

What legal issues did [2023] SGCA 28 raise?

The appeal raised the applicable principles governing confirming banks under letters of credit, the relevant contractual terms, and the assessment of damages, arising from Suit No 57 of 2020 between Kuvera Resources Pte Ltd and JPMorgan Chase Bank, N.A.

Statutes Cited

High Court (Admiralty Jurisdiction) Act (Cap 123)

Cases Cited (19)

SG (1)

[2022] SGHC 213

SLR (13)

[1992] 2 SLR(R) 20 [1992] 3 SLR(R) 146 [1993] 3 SLR(R) 894 [2003] 1 SLR(R) 597 [2008] 3 SLR(R) 1029 [2013] 4 SLR 193 [2016] 1 SLR 1069 [2016] 3 SLR 1308 [2016] 5 SLR 667 [2017] 1 SLR 219 [2018] 1 SLR 170 [2021] 4 SLR 526 [2022] 4 SLR 1

UK (5)

[1958] 2 QB 127 [1983] 1 AC 168 [2018] EWHC 2643 [2020] EWHC 2937 [2021] EWHC 2808