Ex-prime minister of Georgia, billionaire Bidzina Ivanishvili won another lawsuit against the Swiss bank Credit Suisse – this time in a Singaporean court. This is reported by Bloomberg.
The judicial authorities estimated Ivanishvili's losses at 926 million dollars. At the same time, the amount can be changed "to exclude double compensation", given that last year a court in Bermuda awarded Ivanishvili more than 600 million dollars in damages in this case.
According to Bloomberg, Credit Suisse will pay Ivanishvili "hundreds of millions of dollars."
The representative of the bank, commenting on the court's decision, said that it "is incorrect and creates very serious legal problems."
Ivanishvili's representative said he welcomes the decision and expects the bank to comply with it and "finally take responsibility for its failures."
Last March, The Financial Times reported that Ivanishvili won a lawsuit against the Swiss bank Credit Suisse and will receive more than $500 million from it (Bloomberg wrote about $607 million). The decision was then made by a court in Bermuda, after which the parties awaited the decision of the court in Singapore.
In February of this year, Bloomberg reported that Credit Suisse had already paid Bidzina Ivanishvili $210 million.
The total sum of Ivanishvili's claims was about $800 million. Ivanishvili claims that he lost his money due to the actions of former bank manager Patris Lescoderon, who was convicted of fraud. Lescoderon committed suicide in 2020.
The next stage of Ivanishvili's confrontation with Credit Suisse began after the Russian invasion of Ukraine. It was reported, for example, that the bank froze 2.7 billion pounds belonging to the businessman, on the basis that the funds could be of Russian origin.
Ivanishvili's lawyers periodically publish statements accusing Credit Suisse of political pressure. It is alleged that the oligarch is still unable to access the money held in trusts set up by Credit Suisse.