Credit Suisse owes millions to Georgia's billionaire ex-prime minister, court says

Ivanishvili in 2004 put more than $1.1 billion into a trust overseen by the bank's Singapore subsidiary, Credit Suisse Trust Limited, and the employee managing the trust “misappropriated many millions of dollars” over nine years before being caught and sent to prison, the Singapore International Commercial Court said.

“The judgment published today is wrong and poses very significant legal issues,” Credit Suisse said in a statement. “Credit Suisse Trust Limited intends to vigorously pursue an appeal.” “The defendant is liable to compensate the plaintiffs for their loss,” which has been calculated at $926 million, minus the amount of the settlement, Judge Patricia Bergin said in a ruling.

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Credit Suisse owes millions to Georgia’s billionaire ex-prime minister, court saysCredit Suisse owes former Georgian Prime Minister Bidzina Ivanishvili hundreds of millions of dollars for failing to protect the billionaire’s money in a trust pilfered by a manager, a Singapore court ruled Friday, the latest scandal for the Swiss bank whose yearslong problems forced its takeover by a rival.
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