DelhiDesk Credit Suisse has been ordered by a Singapore court to pay former Georgian Prime Minister Bidzina Ivanishvili $926m for failing to safeguard his assets. The bank was accused of fraudulent mismanagement that led to Ivanishvili suffering investment losses. The court ruled that Credit Suisse failed in its duty to safeguard Ivanishvili’s assets from fraudulent transactions by his relationship manager Patrice Lescaudron, who was sentenced by Swiss authorities to five years in prison in 2018 on charges of fraud and forgery. Credit Suisse said it would appeal the decision.
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👉 The fallen giant Credit Suisse was asked by a Singapore court to pay billionaire Bidzina Ivanishvili $926 million for failing to safeguard his assets.
👉 Credit Suisse collapsed in March 2023 following several scandals, and was bought by UBS for about $3.3 billion.
👉 Former Georgia Prime Minister Bidzina Ivanishvili sued Credit Suisse in Singapore, New Zealand and Bermuda, blaming the bank for fraudulent mismanagement.
👉 The Singapore International Commercial Court ruled in favor of Ivanishvili and ordered him compensated.
👉 Credit Suisse said it would appeal the decision.
👉 The court said Credit Suisse failed in its duty to safeguard Ivanishvili’s assets from fraudulent transactions by his relationship manager Patrice Lescaudron.
👉 Credit Suisse had approached Ivanishvili in late 2004 to offer him wealth-management services.
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