Credit Suisse takes fight over $1 billion awarded to billionaire to Singapore’s top court

A lower court had earlier ruled that Credit Suisse Trust failed to safeguard the assets of Bidzina Ivanishvili, the former PM of Georgia.The sum was awarded after a lower court earlier ruled that the bank’s trust had failed to safeguard the assets of Mr Bidzina Ivanishvili, the former prime minister of Georgia. It was revised down from an initial US$926 million in a sprawling case spanning three continents.

The fallout centres on the case of private banker Patrice Lescaudron, who was convicted in 2018 for running a fraudulent scheme in which he took money from Mr Ivanishvili’s accounts to try and mask growing losses in other Russian clients’ portfolios. The bank has always consistently countered that the Frenchman was a “lone wolf” who hid his crimes from his colleagues and bosses.

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