State the issue, the law, an analysis and conclusion for the following case:-

Mr Mehra was the managing director of Oakprime Ltd, the beneficiary under a letter of credit which had been issued by Trinidad National Bank (TNB) and confirmed by Standard Chartered Bank, London (SCB). A condition of the credit was "Shipment must be effected not later than 25 October 2014". The last date for negotiation was 10 November 2014. Loading was delayed and Oakprime was unable to ship the goods before 25 October 2014. But the shipping agents and shipowners (Pakistan National Shipping Corporation ("PNSC")) agreed with Mr Mehra to issue bills of lading dated 25 October 2014 and did so on 8 November 2014, before the goods had been shipped. On 9 November 2014, Oakprime presented the bill of lading and other documents to SCB under cover of a letter signed by Mr Mehra stating that the documents were all those required by the credit. This statement was false to the knowledge of Mr Mehra because he had himself arranged for the backdating of the bill of lading. The false statement was made to obtain payment under the letter of credit and it is agreed that if there had been no bill of lading or SCB had known that it was falsely dated, payment would not have been made. SCB authorised payment of US$10,000,000.00 on 15 November 2014. SCB then sought reimbursement from TNB. TNB, although unaware of both Mr Mehra's false dating of the bill of lading, rejected the request for payment on account of other discrepancies which SCB had not noticed. Despite further requests, SCB was unable to obtain reimbursement. SCB now wishes to sue Mr Mehra personally for fraud, but he claims he was acting on behalf of Oakprime Ltd and that the company should be liable. Advise SCB based on the laws of Trinidad and Tobago.

Issue: Whether SCB can sue Mr Mehra personally for fraud or if Oakprime Ltd should be held liable.

Law: The relevant laws in Trinidad and Tobago for this case would include laws related to fraud, agency, and bills of lading.

Analysis:

1. Fraud: To establish fraud, SCB needs to show that Mr Mehra made a false statement with knowledge of its falsity, that the false statement was made with the intention to deceive SCB, and that SCB relied on the false statement and suffered damages as a result.

In this case, Mr Mehra made a false statement by presenting a bill of lading with a false date, knowing that it was untrue. The false statement was made to deceive SCB and obtain payment under the letter of credit. SCB relied on the false statement and authorized payment based on it. As a result, SCB suffered damages of US$10,000,000.00.

2. Agency: SCB needs to establish whether Mr Mehra was acting on behalf of Oakprime Ltd or if he personally engaged in the fraudulent conduct.

Based on the information provided, it is unclear whether Mr Mehra was acting within the scope of his authority as the managing director of Oakprime Ltd or if he personally engaged in fraudulent conduct. If Mr Mehra was acting within his authority as an agent of the company, Oakprime Ltd may be held liable for his actions. However, if he was acting outside the scope of his authority or for personal gain, he may be personally liable.

3. Bills of Lading: Bills of lading are important documents in international trade that have legal significance. The false dating of the bill of lading is a discrepancy that could potentially affect the validity of the transaction and payment under the letter of credit.

Conclusion:

Based on the analysis of the law and the facts provided, SCB has a strong case to sue Mr Mehra personally for fraud. Mr Mehra made a false statement with knowledge of its falsity, which was intended to deceive SCB and obtain payment under the letter of credit. SCB relied on the false statement and suffered damages as a result.

However, the issue of whether Oakprime Ltd should also be held liable will depend on establishing Mr Mehra's relationship with the company and whether he was acting within the scope of his authority. Further investigation and evidence will be needed to determine this.