Singapore court orders Credit Suisse to pay Georgian ex-PM US$926 million
A Singapore court has ordered Credit Suisse to pay former Georgian prime minister Bidzina Ivanishvili US$926 million for failing to protect his assets, adding to the bank’s troubles.
The court ruled in Ivanishvili’s favor, holding Credit Suisse responsible for fraudulent mismanagement that resulted in the billionaire’s investment losses. Credit Suisse intends to appeal the decision, calling it legally problematic.
The bank’s relationship manager, Patrice Lescaudron, was previously convicted of fraud and forgery in Switzerland.
