Bloomberg reports that Credit Suisse Group AG has paid $210m to billionaire Bidzina ivanishvili so far in a long-running court case.
A spokesperson for the Swiss lender confirmed by email that the bank had paid the sum “overtime for the proceedings across the plaintiff’s account”. The statement did not reveal a number for the ongoing Singapore trial or a timeframe for when the money in the case of fraud was paid out.
The statement is the most detailed admission of the cost of the legal wrangling to Credit Suisse worldwide. It was made during closing arguments of a two-day Singapore hearing, which will mark an end to a trial that started in September.
Georgian tycoon Bidzina ivanishvili filed a lawsuit against the bank’s trust division for $800,000,000 in damages and lost earnings he claimed he would have earned over the years had his money been invested safely. Patrice Lescaudron, convicted of fraud in 2018, was involved in a scheme to steal money from Ivanishvili’s account to cover losses on other clients’ portfolios.
Credit Suisse Trust has always maintained that its responsibility is limited to the administration of assets belonging to BidzinaIvanishvili. The tycoon or his Georgian adviser should be held responsible for any losses. Lescaudron, according to the information, was a lone-wolf who concealed his crimes from his colleagues.
Read More @ georgiatoday.ge