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Credit Suisse was ordered by a court in Singapore to pay more compensation to Georgian billionaire Bidzina Ivanishvili. According to some media reports, the court in Singapore has set the payments to be made at a total of US$ 926 million. CS will appeal the decision, as he told Blick.
The Singapore Commercial Court reduced the compensation payment by $79.4 million in a ruling on Friday. However, at the same time, the amounts raised in the parallel proceedings in Bermuda would need to be included in the calculation to avoid duplication of claims.
“Today’s ruling is wrong and raises far-reaching legal questions,” CS said Friday morning of the ruling against its subsidiary, Credit Suisse Trust.
Former Georgian Prime Minister and billionaire Ivanishvili was a client of Geneva-based swindler CS advisor Patrice Lescaudron and had invested large sums of his wealth through CS. By 2011 at the latest, Lescaudron transferred triple-digit millions from assets under management, including Ivanishvili.
In 2015, Lescaudron was issued without notice from Credit Suisse. In 2018, he was sentenced to five years in prison and $130 million in a criminal trial in Geneva. He took his own life in the summer of 2020.
Ivanishvili had sued CS in Bermuda. The court there concluded at the end of March that Lescaudron was not adequately controlled by the bank. He ordered the major bank to pay $607 million in damages. Credit Suisse also appealed against this decision. (SDA/kae)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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