Bloomberg: Credit Suisse has paid Georgian billionaire $210 Million

World 1676610751

ბიძინა

Credit Suisse Group AG says it has paid $210 million to date to billionaire Bidzina Ivanishvili in a long-running legal saga, Bloomberg reports.

The bank has paid in the sum “over time for the proceedings across all the plaintiff’s accounts,” a spokesperson for the Swiss lender said by email. The statement didn’t break out a figure for an ongoing trial in Singapore or give a time frame for when the money was paid out in a case of fraud that was only detected in 2015.

"The statement is the most detailed admission yet of how much the legal wrangling is costing Credit Suisse globally and emerged amid closing arguments at a two-day hearing in Singapore, which will mark the end of a trial that began in September.

Georgian tycoon Bidzina Ivanishvili sued the bank’s trust unit for $800 million in damages and lost income he said he would have made over the years if his money had been safely invested. Patrice Lescaudron was convicted in 2018 for fraud over a scheme he ran to take money from Ivanishvili’s accounts to cover growing losses among other clients’ portfolios.

Credit Suisse Trust has consistently argued that its responsibility was limited to administration of the assets belonging to Bidzina Ivanishvili and that it was the tycoon, or his Georgian business adviser, who called the shots on investment decisions and should be liable for any losses. Lescaudron was a lone wolf who hid his crimes from colleagues, according to the bank," reads the information. 

Terms of use of the material
Other news
პაპუაშვილი
Shalva Papuashvili on the boycott of the opposition - it is not serious to boycott because I don't like the person next to me in the hall and I don't want to breathe the same air! - This is a boycott announcement for one's own voters

It's not serious to boycott because I don't want to sit in the hall, I don't like the person next to me, I don't see someone and therefore I don't want to breathe the same air! - This is the announcem...

Politics 1716212243

ირანის პრეზიდენტი
Media: Iran’s President Raisi and Foreign Minister Amir-abdollahian killed in helicopter crash

President of Iran Ebrahim Raisi and Foreign Minister Hossein Amir-Abdollahian died in a helicopter crash, a senior Iranian official told Reuters. "President Raisi, the Secretary of State and all the p...

World 1716212103

კობახიძე ირაკლი
Irakli Kobakhidze: Salome Zurabishvili vetoed the law, thereby blocking all space for discussion

Salome Zurabishvili vetoed this law, thus blocking all space for discussion. Our offer to international partners was to use the veto procedure to reconcile the positions, however Salome Zurabishvili r...

Politics 1716212040

სტუდენტები აქცია
A week of organized protest by the students begins

A week of organized protest by the students begins. Within the framework of the student protest week, the first march will be held today, May 20, at 18:00. Students of different universities will gath...

Society 1716211951

ქაცარავა დათო
Davit Katsarava after leaving the clinic - there are traces of how the so-called special forces suffocated him

Davit Katsarava, a member of the "Anti-Occupation Movement", left the Ingorokva University Clinic. As he told journalists while leaving the clinic, he will do everything to return to the occupation li...

Politics 1716211892

მაკრონი ზურაბიშვილი
Salome Zurabishvili: I am waiting for President Macron in Georgia on the Independence Day, May 26

According to the President of Georgia, Salome Zurabishvili, she has invited the President of France, Emmanuel Macron, to the country for the Independence Day. "I wrote to President Macron, I am waitin...

Politics 1716211813