Court orders Credit Suisse to pay nearly $1 billion to ex-Georgian PM Ivanishvili - Reuters
Credit Suisse immediately announced that it would appeal the court's verdict.
The Singapore International Commercial Court has ordered the Swiss bank Credit Suisse to pay $926 million to Georgian Prime Minister Bidzina Ivanishvili, who headed the Georgian government in 2012-2013, for the loss of part of his fortune.
Source. This was reported by Reuters.
The court noted in its decision that Credit Suisse did not ensure the safety of Ivanishvili's assets by denying access to them to Patrice Lescodron, an advisor to Credit Suisse Trust in Singapore.
Credit Suisse, which will soon be absorbed by its rival UBS, immediately announced that it would appeal the court's verdict.
The amount of $926 million to be paid by Credit Suisse will be reduced by $79 million already paid by the bank in December.
In 2018, Lescodron was sentenced to prison for forging signatures of former clients, including Ivanishvili, for eight years. He admitted to falsifying transactions and concealing losses. The fraud brought him tens of millions of Swiss francs. He was released in 2019 and committed suicide in 2020.
The Supreme Court of Bermuda ruled in March 2022 that Ivanishvili and his family should receive compensation "well in excess of $500 million" from Credit Suisse's local life insurance unit, CS Life.
According to the NACP, Bidzina Ivanishvili is the so-called "informal ruler of Georgia" who controls the government of Georgia. He has close ties with the Russian political elite, lobbies for one of the richest men in Russia, Vladimir Yevtushenkov, in Russia and Georgia to circumvent sanctions against Russia, and has business interests with Georgy Poltavchenko, the former governor of St. Petersburg, which is under US sanctions, and the regime that is waging an aggressive war against Ukraine.
If you have read this article to the end, we hope that means it was useful for you.
We work to ensure that our journalistic and analytical work is of high quality, and we strive to perform it as competently as possible. This also requires financial independence. Support us for only UAH 196 per month.
Become a Mind subscriber for just USD 5 per month and support the development of independent business journalism!
You can unsubscribe at any time in your LIQPAY account or by sending us an email: [email protected]
