The Court of Appeal decision in Scandinaviska Enskilda Banken AB (Publ), Singapore Branch v. Asia Pacific Breweries (Singapore) Pte Ltd raised many issues of law, including those of agency, banking, tort and restitution. This note will focus on the restitutionary issues. The Court of Appeal was put in a tough spot of having to balance the justice between two victims of fraud and this may have resulted in a decision that puts the law of unjust enrichment in a difficult position. In APBS, the Court of Appeal has the unenviable task of going down a difficult path of balancing justice between two victims of fraud. To make matters worse, the facts were complex and the restitutionary claim was complicated by issues of agency and fraud. But the Court of Appeal had come to the right result, which is a positive outcome for the victims of the fraud. However, it is hoped that the Court of Appeal may, in a suitable case in the future, revisit some of the points discussed in this note.