Lee Eng Beng, a lawyer for the trust, conceded on Thursday that Credit Suisse agreed to compensate Ivanishvili for failing to “police the perimeter” of his wealth from theft by Lescaudron from the end of 2008 onward. Lescaudron was a lone wolf who hid his crimes from colleagues, according to the bank. 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.Ĭredit 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.
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. 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. 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 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. (Bloomberg) - Credit Suisse Group AG says it has paid $210 million to date to billionaire Bidzina Ivanishvili in a long-running legal saga.
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