A Case Note: Universal Import Export GmbH v Bank of Scotland: Court of Session, Edinburgh, 28th October, 1994

Abstract

The case concerned an action of payment brought by Universal Import Export GmbH against the Governor and Company of the Bank of Scotland for payment of the sum of £515,793.95 under a bank draft which had been issued in favour of the pursuers at the request of a firm known as Cosgroves, which held an account with the bank, in settlement of certain goods supplied by the pursuers to Cosgroves. The bank had refused payment on the grounds that the funds in Cosgroves' account had been embezzled from, inter alios, Mads Freres SA, minuters, by Cosgroves and certain other third parties in connection with a money‐laundering operation.

Citation

Walker, G. (1995), "A Case Note: Universal Import Export GmbH v Bank of Scotland: Court of Session, Edinburgh, 28th October, 1994", Journal of Financial Crime, Vol. 3 No. 2, pp. 156-159. https://doi.org/10.1108/eb025697