Credit Suisse Ordered To Pay USD 926 MLN To Bidzina Ivanishvili
Credit Suisse has been ordered to pay $926 million compensation after a Singapore court said the bank had breached its duty to safeguard the assets of a former prime minister of Georgia.
Lawyers for former Georgia Prime Minister Bidzina Ivanishvili had sued Credit Suisse in Singapore, New Zealand and Bermuda, alleging failings at the bank led to fraudulent mismanagement and substantial losses.
Credit Suisse said it was concerned about the judgment and would appeal.
"The judgment published today is wrong and poses very significant legal issues. Credit Suisse Trust Limited intends to vigorously pursue an appeal," the bank said in a statement.
"The plaintiffs have established that the defendant breached its duty to the plaintiffs to safeguard the trust assets as at 30 March 2008," the Singapore International Commercial Court said in a judgment published on Friday.
"The defendant is liable to compensate the plaintiffs for their loss in the amount calculated," the court said. "That amount as presently calculated to the date of trial is USD 926 million."
As a result of a settlement, this sum should be reduced by $79.4 million, the court said.