Credit Suisse In Singapore Loses Multimillion Claim By Ex-Georgian Prime Minister - Court

Credit Suisse investment banking company has lost a lawsuit in Singapore against former Georgian Prime Minister Bidzina Ivanishvili, with damages estimated at $926 million, minus $79.4 million from an earlier settlement agreement, the Singapore International Commercial Court said on Friday

Moscow (UrduPoint News / Sputnik - 26th May, 2023) The Credit Suisse investment banking company has lost a lawsuit in Singapore against former Georgian Prime Minister Bidzina Ivanishvili, with damages estimated at $926 million, minus $79.4 million from an earlier settlement agreement, the Singapore International Commercial Court said on Friday.

The court found that Credit Suisse Trust Ltd. of Singapore had breached its obligations to the plaintiff by failing to safeguard the trust assets.

"The loss suffered by the plaintiffs is the difference between what would have been achieved if the whole portfolio had been removed and managed by a competent, professional trustee and the Trust assets were not affected by fraud, and what was actually achieved.

... That amount as presently calculated to the date of trial is USD 926 million. ... As a result of the Settlement, this sum should be reduced by USD 79,430,773" the court said in a statement.

Credit Suisse, for its part, said the court's decision was erroneous and announced its intention to appeal.

In mid-March, Credit Suisse's share price plunged nearly 30%, sparking fears of a liquidity crunch. The incident followed the collapse of several US financial institutions, including Silicon Valley Bank. The Swiss bank soon announced the sale of more than $3 billion in assets.