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(DAR Transcript of Smith Bernal Wordwave Limited 190 Fleet Street, London EC4A 2AG Tel No: 020 7404 1400 Fax No: 020 7831 8838 Official Shorthand Writers to the Court)
MR S ELLIOTT (instructed by Messrs Skadden, Arps, Slate, Meagher & Flom (UK) LLP, LONDON, 314 5DS) appeared on behalf of the Appellant. MR P MARSHALL QC (instructed by Messrs Baker and McKenzie, LONDON, EC4V 6JA) appeared on behalf of the Respondent. ____________________
What has to be established in the present situation at the first stage is a real prospect that fraud by the beneficiary can be proved. That means that there must be a real prospect of proving that the beneficiary could not honestly have believed in the validity of its demands on the performance bond; Ackner�LJ in United Trading as cited by Arden�LJ at paragraph�13 of her judgment.
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