Bidzina Ivanishvili's dispute with Credit Suisse continues in the Singapore court
By Liza Mchedlidze
Wednesday, September 7, 2022
The former Prime Minister of Georgia, Bidzina Ivanishvili, blames Credit Suisse's trust group in Singapore for the loss of 1.27 billion dollars. The trial is ongoing in a Singapore court.
As Reuters writes, Bidzina Ivanishvili joined the trial online from Georgia and stated at the trial that Credit Suisse's trust unit in Singapore (trustee) failed to act to prevent her from losing 1.27 billion dollars.
"I thought I went to experts who would work to protect my capital and my family," Ivanishvili said about the Swiss bank.
Ivanishvili accused Credit Suisse, a trust company operating in Singapore, of failing to take care of Ivanishvili's investments and "taking appropriate steps" to protect him from fraud by Geneva-based banker Patrice Lesccaudron.
Representatives of Credit Suisse's trust unit said at the Singapore trial that the amount the plaintiffs are demanding from the bank is extremely high and they are asking the court to dismiss the suit.
According to Ivanishvili's lawyers, the bank's representative estimated Ivanishvili's loss at 818.2 million dollars, although they believe that the loss is 1.27 billion dollars.
The publication writes that at the same time, the new CEO of Credit Suisse, Ulrich Kerner, is trying to stabilize the bank after the scandals related to the bank.
Bidzina Ivanishvili's lawyers stated in the Singapore court that in 2005, Bidzina Ivanishvili invested $1.1 billion in the Credit Suisse trust, and Ivanishvili's banker, Patrice Lescaudron, started fraudulently managing and acquiring the trust's investments in 2007.
Reuters writes that in 2018, a Swiss court found Patrice Lescaudron guilty of forging the signatures of former clients, including Ivanishvili, over an eight-year period. According to court documents, Lescaudron later committed suicide.
In July, Bidzina Ivanishvili's human rights legal company released a statement, in which it was said that Ivanishvili received a letter from Credit Suisse, a Swiss bank. According to them, the letter explained that the resolution adopted by the European Parliament on the imposition of sanctions on Ivanishvili gave rise to obligations on the part of the bank, which is why the trust (trustee) will no longer take actions regarding Bidzina Ivanishvili's money without the court's consent.
Credit Suisse is selling its global trust business to The Bank of NT Butterfield & Son Limited, based in Guernsey, Singapore and the Bahamas, according to international media reports today.
Bidzina Ivanishvili has several lawsuits with Credit Suisse, one of which he won. According to the recent decision of the Supreme Court of Bermuda, CS Life, a subsidiary of Credit Suisse, was ordered to pay Bidzina Ivanishvili $607.35 million.
