Bidzina Ivanishvili, Honorary Chairman of Georgian Dream, is planning to sue the Swiss bank Julius Baer.
According to a statement released by lawyer Lasha Kalandadze, the dispute is about the bank fulfilling its obligations and Ivanishvili demanding compensation for damages. The statement also claims that political blackmail is taking place on the part of Julius Baer.
Ivanishvili has been in a long-running lawsuit against Credit Suisse and related entities. He has won cases in Singapore and Bermuda, and another case will be heard in Switzerland this summer. The public will be informed about the progress of these cases.
The statement claims that Julius Baer cooperated with Ivanishvili for years but suddenly stopped providing information about his accounts. It also alleges that the hedge funds working with Julius Baer did not return Ivanishvili’s money on time, and that the bank has not taken adequate measures to ensure they do so.
In December 2024, Julius Baer threatened to close Ivanishvili’s personal bank account due to his political activity. The bank did not explain why this decision was made at the end of 2024.
The statement concludes that these actions create a “prerequisite” for Ivanishvili to think that political blackmail is taking place on the part of Julius Baer and that the bank is involved in such activities in some way.
Ivanishvili plans to initiate legal procedures against Julius Baer with the help of foreign lawyers, demanding the fulfillment of obligations by the bank and compensation for damages.