The Singapore International Commercial Court has ordered Credit Suisse Trust Ltd., a subsidiary of Credit Suisse based in Singapore, to pay USD 750 million for breaching its duty to safeguard the assets of Bidzina Ivanishvili as trustee as of 30 March 2008.
“The Court ordered the defendant (Credit Suisse Trust Limited ) to pay the plaintiffs (Bidzina Ivanishvili, his wife, and three of their children) compensation of USD 742.73m and costs of USD 7,298,893.43 plus interest,” reads the ruling.
Former Georgia Prime Minister Bidzina Ivanishvili’s legal team filed lawsuits against Credit Suisse in Singapore, New Zealand, and Bermuda, claiming that the bank’s shortcomings resulted in fraudulent mismanagement and significant financial losses. In July 2022, the Supreme Court of Bermuda determined that Credit Suisse Life Ltd., a subsidiary of Credit Suisse based in Bermuda, had defrauded Bidzina Ivanishvili in the amount of $607.35 million.
See full judgment here.
