MADRID, 26 May. (EUROPEAN PRESS) –
The Singapore International Trade Court has ordered Credit Suisse to pay $926 million (863 million euros) in damages to Georgia’s former Prime Minister, Bidzina Ivanishvili, for violating fiduciary services provided by its subsidiary in the country, the Credit Suisse Trust. Annoyed.
In its ruling this Friday, the Singapore Court reduced the fine by $79m (74m euros) to the fine already paid, in addition to noting that an earlier fine was imposed in Bermuda last year for the same case. must be recalculated to avoid double recovery.
As of March 30, 2008, the plaintiffs have determined that the defendant has violated the obligation to protect the assets of the Trust, and they consider that they have the right to make a statement and order to that effect. Setback for the Swiss company, which is about to complete its merger with UBS.
In the Court’s view, “the damage suffered by the plaintiffs is the difference between what would have been achieved had the entire portfolio been withdrawn and managed by a competent and professional trustee and the Trust’s assets had not been affected by the fraud, and what would have actually been achieved.” .
A Credit Suisse spokesperson said in an emailed reply to Europa Press, “The decision released today is erroneous and raises very important legal issues. Credit Suisse Trust Limited plans to vigorously appeal.”
The Georgian billionaire’s dispute with Credit Suisse dates back to 2011, when Ivanishvili was a client and the victim of fraud committed by Patrice Lescaudron, a former private banker of the organization.
The bank claimed that Lescaudron, who was convicted in 2018 and committed suicide in 2020, hid his illegal activities from his superiors and colleagues. In this sense, according to the ‘Financial Times’, the Swiss criminal case against Lescaudron revealed that the bank was the aggrieved party.
Source: Noti Merica