Abstract
LL.M. (Commercial Law)
Applications for prohibitory injunctions or interdicts against payment under
documentary credits are seldom awarded. However, both English and South African
law provide alternative forms of relief. These alternative orders focus on how the
beneficiary deals with the proceeds of the credit rather than the prevention of payment
thereof. One such alternative is the Mareva injunction of English law which, through
freezing the beneficiary’s assets, prevents the removal thereof from the area of the
court’s jurisdiction once judgment is given. The South African equivalent of the
Mareva injunction is known as the anti-dissipation interdict and has yet to be applied
to the law of documentary credits by the South African courts. However the South
African attachment application has been so applied. Therefore this dissertation seeks
to conduct a comparative analysis between South African and English law Marevatype
injunctions on the proceeds of documentary credits, focusing especially on the
judgments handed down in Intraco Ltd v Notis Shipping Corporation of Liberia and
Ex Parte Sapan Trading (Pty) Ltd. Chapters Two, Three and Four will explore the
nature, development, requirements and effects of the injunctions and interdicts
through local and international case law as well as the prospects of a successful
application under each. Finally Chapter Five will critically analyse, comment and
draw conclusions from Ex Parte Sapan Trading (Pty) Ltd.