Buyer agrees to remove controversial 'clearance-clause' from LC: BGMEA

Buyer agrees to remove controversial ‘clearance-clause’ from LC: BGMEA

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Initially the special LC issued by Standard Chartered Bank Dubai contained a clause, “We will not process transactions involving any country, territory or party sanctioned by the United Nations, the US, the European Union, the UK. We will not cause any delay Are not responsible for.” Non-performance or/disclosure of information for reasons of restriction.”

According to Farooq Hasan, the LC was transferred by ZXY International against the master LC issued by a French buyer named ‘KARIBAN’.

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