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

Question

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.