Credit Suisse Ordered To Pay $926 Million To Ex Georgian PM
NDTV
Former Georgia Prime Minister Bidzina Ivanishvili had sued Credit Suisse in Singapore, New Zealand and Bermuda, blaming the bank for fraudulent mismanagement that led to the billionaire suffering investment losses.
A Singapore court on Friday ordered Credit Suisse to pay an ex-Georgian prime minister $926 million for failing in its duty to safeguard his assets, in another blow to the fallen banking giant.
Credit Suisse was bought by its rival UBS, Switzerland's biggest bank, in March to prevent a financial collapse following a series of scandals.
Former Georgia Prime Minister Bidzina Ivanishvili had sued Credit Suisse in Singapore, New Zealand and Bermuda, blaming the bank for fraudulent mismanagement that led to the billionaire suffering investment losses.
The lawsuit in the city-state was filed against Credit Suisse Group's Singapore subsidiary, Credit Suisse Trust Ltd.
