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Published 10 months ago

Credit Suisse ordered to pay $926 million in Georgia prime minister case

  • Credit Suisse has been ordered by a Singapore court to pay $926 million in compensation to billionaire and former Georgian Prime Minister Bidzina Ivanishvili for failing to protect his money in a trust that was pilfered by a manager.
  • Ivanishvili sued after an employee managing his trust misappropriated millions of dollars over a period of nine years.
  • Credit Suisse plans to appeal the decision, while lawyers for Ivanishvili had sued the bank in Singapore, New Zealand and Bermuda, alleging failings at the bank led to fraudulent mismanagement and substantial losses.
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