Facts
The plaintiff, Allgemeine Elsässische Bankgesellschaft, acting as an assignee, asserts the abstract claim of the beneficiary against the defendant bank, Al Bank Al Saudi Al Fransi, which issued the letter of credit. In the absence of a valid choice of law, the claim arising from this documentary credit is governed by the law of the registered office of the issuing bank, i.e., Saudi Arabian law.
The cantonal court has established the content of Saudi Arabian law and applied it, which is in accordance with the rules of federal law on private international law. The Federal Tribunal cannot therefore re-examine the application of foreign law by the cantonal court, as this is a matter of a pecuniary nature.
According to Saudi Arabian law, the plaintiff cannot claim moratory interest for the delay in performance. This question of foreign law is beyond the control of the appellate jurisdiction.
Considerations
The plaintiff invokes a violation of Swiss public policy, based on the right to moratory interest provided for in Art. 104 of the Swiss Code of Obligations. However, the Federal Tribunal considers that this rule is not an imperative norm that can be considered as a law of immediate application within the meaning of Art. 18 of the Swiss Federal Act on Private International Law.
Furthermore, the Federal Tribunal considers that the…