Credit Suisse faces new suit in Singapore over Ivanishvili

13:21 • 27.07.20
Economy

Bidzina Ivanishvili, the biggest victim of a rogue trader at Credit Suisse Group AG, is suing one of the bank’s trusts in Singapore for at least $300 million, opening a fresh front in the long-running dispute, Bloomberg reports.

The lawsuit alleges that the Credit Suisse trust “failed to act in good faith and in the best interests of the beneficiaries,” namely Ivanishvili and his family, by neglecting to do proper due diligence on how their investments were managed. Singapore’s top court paved the way for the lawsuit earlier this month when it ruled that the city-state had jurisdiction over the case.

Credit Suisse has sought to limit to court battles over Patrice Lescaudron, the bank’s former star wealth manager, to Geneva where he was convicted in 2018. Lescaudron was sentenced to prison for forging signatures and faking trades to cover mounting losses of clients, including Ivanishvili.

But Ivanishvili and Lescaudron’s other eastern European victims have never accepted that Lescaudron could have kept his fraud alive for nearly a decade without help from inside the bank. Ivanishvili, a Georgian billionaire who made his fortune in banking and electronics, has the means to continue the fight as well as the scope to do so around the globe, given he had investments with Credit Suisse as far afield as New Zealand and Bermuda.

In their lawsuit, the lawyers cite the trust’s own records showing its Meadowsweet fund as having a value of $307 million at the end of 2014 but then presentations from the bank showing it having jumped to $439 million just three months later.

The trust “ought to have become aware that the presentation was wrong,” his lawyers said in the lawsuit. Had the trust “alerted the plaintiffs to the true investment position of the trust fund and/or bank’s misconduct, the plaintiffs would have taken steps to avoid or reduce such losses,” Ivanishvili’s lawyers said.

LATEST NEWS

Videos

15:20 • 24.05.21

Interview with Francis Malige, EBRD Managing Director

11:39 • 24.04.21

Armenians Commemorating 106th Anniversary of Genocide

09:40 • 23.04.21

Biden Under Pressure to Recognize Armenian Genocide - KTLA 5 News

15:34 • 22.04.21

Governance and Oversight Capacities Account for Our Bank's Robust Management System - Philip Lynch, Independent Board Member at Ameriabank

14:09 • 21.04.21

'Mr. President, It Is Now in Your Power to Right Decades of Denial' - US Congressman Adam Schiff Urges Joe Biden to Recognize Armenian Genocide

12:37 • 03.04.21

Armenians of Nagorno-Karabakh in Despair After Trauma of Military Defeat - France 24

17:33 • 11.03.21

Interview with Kakhaber Kiknavelidze, an Independent Member of Ameriabank Board of Directors

17:57 • 26.01.21

Only Terrorists Keep Hostages, Putting Forward Preconditions for Their Release - Edmon Marukyan

13:33 • 22.01.21

Rep Adam Schiff Says Congress Should Recognize Artsakh

09:42 • 29.12.20

UN's Guterres Issues Global Appeal to Make 2021 'Year of Healing'

18:41 • 24.12.20

NASA's Mars 2020 Perseverance Rover Landing Animations

13:33 • 31.10.20

Azerbaijan Uses Prohibited Phosphorus Chemical Munitions - Defense Army Video

16:37 • 30.10.20

Artsakh Defense Army Units Neutralizing Azerbaijani Arms Supplies

11:25 • 28.10.20

Artsakh Defense Army Units Neutralizing Azerbaijani Drone

13:45 • 24.10.20

Nagorno-Karabakh's Status Has Been At the Heart of Our Approach - Zohrab Mnatsakanyan

11:51 • 24.10.20

Artsakh Defense Army Releases Video Featuring Damaged Azerbaijani Military Equipment

11:40 • 24.10.20

Artsakh Defense Army Units Inflicting Manpower Losses on Azerbaijan

10:39 • 24.10.20

Gas Pipeline Damaged in Azerbaijani Fire Targeting Nagorno-Karabakh's Capital

12:41 • 23.10.20

President Armen Sarkissian Meets Emmanuel Macron at Élysée Palace

12:16 • 23.10.20

Artsakh Defense Army Neutralizes Azerbaijani Military Hardware

12:02 • 22.10.20

Artsakh Defense Army Units Neutralizing Azerbaijani Military Infrastructures

10:35 • 22.10.20

President Armen Sarkissian Meets with NATO Secretary-General in Brussels

10:51 • 17.10.20

Buildings and Homes Lying in Ruins in Nagorno-Karabakh's Capital After Azerbaijani Shelling

15:09 • 15.10.20

Artsakh Defense Army's Precision Fire Gives Deadly Blow to Enemy

13:13 • 13.10.20

Artsakh Defense Army Units Destroying Azerbaijani Tank

12:56 • 12.10.20

Zohrab Mnatsakanyan: Ceasefire Does not Mandate Azerbaijan to Kill Civilians and Hit Civilian Settlements

12:23 • 12.10.20

Armenians Protest Outside Turkrish Embassy in Los Angeles

17:23 • 09.10.20

Losses in Azerbaijan's Military Featured in Defense Army Footage

15:53 • 09.10.20

Artsakh Defense Army Neutralizing Adversary's Transport Column

14:11 • 09.10.20

Turkey openly backs Azerbaijan 'far more aggressively than in the past' - ABC News on Syrian mercenaries fighting in Karabakh

15:52 • 08.10.20

Iconic Armenian Church Hit in Azerbaijani Attacks in Nagorno-Karabakh City (photos)

10:57 • 08.10.20

Artsakh Defense Army Continues High-Precision Strikes

14:24 • 07.10.20

War Situation in Karabakh on European Parliament's Agenda

19:31 • 05.10.20

Call for Urgent Action: Armenian Journalist Brings Intn'l Colleagues' Attention to Situation iin Artsakh After Azerbaijani Attacks

16:17 • 04.10.20

Turkey's Support to Syrian Mercenaries Fighting Against Artsakh: Facts About Azerbaijani Aggression

12:39 • 04.10.20

Nagorno-Karabakh's Capital Under Azerbaijani Strikes

13:49 • 03.10.20

Armenian Armed Forces Neutralize Azerbaijani Defense Positions

10:12 • 29.09.20

ArmenianTroops Destroy Azerbaijani Armored Fighting Vehicle on Frontline

23:42 • 28.09.20

There is a solid evidence that Azerbaijan has launched a thoroughly planned attack on the NKR

18:45 • 28.09.20

EU calls for Immediate End to Hostilities over Nagorno-Karabakh

Show all

Most popular articles Today Yesterday For a week

Politics

Law

Economy

Event

Press digest

Science/tech

Sports

Culture

Entertainment