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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Credit cards: What credit score do you need to get a credit cardCredit cards are considered by many to be a necessity in the modern age, but the type of credit card one can get will depend on what their credit score is.
Source: dcexaminer - 🏆 6. / 94 Read more »
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.
Source: WashTimes - 🏆 235. / 63 Read more »
Credit Suisse Ordered To Pay Georgia’s Richest Man $926 Million After Fraud ScandalThe court said the bank had failed to safeguard the assets of Bidzina Ivanishvili, Georgia’s richest man and its former prime minister.
Source: Forbes - 🏆 394. / 53 Read more »
Threat of US credit downgrade looms over debt ceiling talksWith one of three major rating agencies warning that America’s AAA credit is at risk, the stakes are growing in the standoff in Washington over raising the nation’s debt limit.
Source: ksatnews - 🏆 442. / 53 Read more »
Threat of US credit downgrade looms over debt ceiling talksWith one of three major rating agencies warning that America’s AAA credit is at risk, the stakes are growing in the standoff in Washington over raising the nation’s debt limit
Source: WOKVNews - 🏆 247. / 63 Read more »
Fitch warns of possible credit downgrade with debt limit deadlockTreasury Secretary Janet Yellen on Wednesday warned that the U.S. was “almost certain” to reach the X-date in early June.
Source: politico - 🏆 381. / 59 Read more »