A court in Singapore ordered Credit Suisse to return $743 million to Bidzina Ivanishvili – Kommersant
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A court in Singapore ordered Credit Suisse to pay billionaire Bidzina Ivanishvili $742.7 million, admitting that the bank failed to protect its client’s assets from fraud. The agency reports this Bloomberg. The bank, which in June of this year completed merger I don’t agree with the UBS bank, I don’t agree with the court’s decision.
Initially, during the trial, the amount owed to the billionaire from Credit Suisse was estimated by the bank at $926 million. However, in May of this year, the court warned that the amount would be reduced, taking into account the fact that the court of Bermuda also made a decision in this case in 2022, which awarded Bidzina Ivanishvili compensation in the amount of $600 million.
As Bloomberg reports, today’s decision by the Singapore court is the next stage in a protracted legal process related to the machinations of one of the managers of Credit Suisse, Patrice Lecaudron. In 2016 it became known that without the knowledge of Mr. Ivanishvili, who kept $2 billion in a Swiss bank, he transferred his money to the accounts of other clients to repay their losses. In total, $89 million, €24 million and 9 million Swiss francs were transferred between 2007 and 2011. In August 2017, Bidzina Ivanishvili filed claims against Credit Suisse in Singapore, New Zealand and Bermuda. The document submitted by the businessman stated that the credit institution knew about the fraud in 2007–2011, but did nothing to prevent it. In 2018, Patrice Lecaudron was found guilty of fraud. In February of this year, Bloomberg reported that Credit Suisse paid Bidzina Ivanishvili $210 million.
Commenting on today’s decision of the Singapore court, Credit Suisse representatives said that “this decision is not final” and “we will appeal.”
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