A Singapore court says Credit Suisse owes billionaire and former Georgian Prime Minister Bidzina Ivanishvili hundreds of millions of dollars for failing to protect his money in a trust pilfered by a manager.
Ivanishvili in 2004 put more than $1.1 billion into a trust overseen by the bank's Singapore subsidiary, Credit Suisse Trust Limited, and the employee managing the trust “misappropriated many millions of dollars” over nine years before being caught and sent to prison, the Singapore International Commercial Court said.
“The judgment published today is wrong and poses very significant legal issues,” Credit Suisse said in a statement. “Credit Suisse Trust Limited intends to vigorously pursue an appeal.” “The defendant is liable to compensate the plaintiffs for their loss,” which has been calculated at $926 million, minus the amount of the settlement, Judge Patricia Bergin said in a ruling.
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