A Singapore court on Friday ordered Credit Suisse to pay anex-Georgian high minister $926 million for failing in its duty to guard his means, in another blow to the departed banking mammoth.
Credit Suisse was bought by its rival UBS, Switzerland’s biggest bank, in March to help a fiscal collapse following a series of dishonors.
Former Georgia Prime Minister Bidzina Ivanishvili had sued Credit Suisse in Singapore, New Zealand and Bermuda, condemning the bank for fraudulent mismanagement that led to the billionaire suffering investment losses.
The action in the megacity-state was filed against Credit Suisse Group’s Singapore attachment, Credit Suisse Trust Ltd.
In a decision released Friday, the Singapore International Commercial Court ruled in favour of Ivanishvili and ordered him compensated.
“That quantum as presently calculated to the date of trial is USD 926 million,” transnational judge Patricia Bergin said in a decision.
Patricia Bergin added that as a result of a agreement, the quantum “should be reduced by USD 79,430,773.”
Credit Suisse said in a statement it’ll appeal the decision.
“The judgment published moment is wrong and poses veritably significant legal issues,” it said.
The court said Credit Suisse failed in its duty to guard Bidzina Ivanishvili’s means from fraudulent deals by his relationship director Patrice Lescaudron, who was doomed by Swiss authorities to five times in captivity in 2018 on charges of fraud and phony .
Credit Suisse had approached Bidzina Ivanishvili in late 2004 to offer him wealth-operation services just after the billionaire and his business mate vended a metallurgical complex in Russia for $1.6 billion.
