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Former Georgia Prime Minister Bidzina Ivanishvili Sues Credit Suisse Trust in Singapore for Losing $1.27 Billion, Failed to Safeguard Investments in Fraud by Former Switzerland Based Private Banker Patrice Lescaudron
8th September 2022 | Hong Kong
Former Georgia Prime Minister Bidzina Ivanishvili has sued Credit Suisse Trust in Singapore for losing $1.27 billion for failing to safeguard his investments in a fraud committed by former Switzerland-based private banker Patrice Lescaudron. The trial began in Singapore on the 5th of September 2022. At the opening statement, Credit Suisse Trust had calculated the losses at $818.2 million, instead of the estimate of $1.27 billion by Bidzina Ivanishvili. Former Georgia Prime Minister Bidzina Ivanishvili statement at the opening: “Since 2015, former Georgia Prime Minister Bidzina Ivanishvili had placed $1.1 billion under the custodianship of the Credit Suisse Trust.” Earlier in April 2022, Credit Suisse Life Bermuda has lost a $500 million lawsuit to former Georgian Prime Minister Bidzina Ivanishvili for illegal trades by former Credit Suisse Private Banker Patrice Lescaudron that resulted in hundreds of millions of losses. In 2018, former Credit Suisse Private Banker Patrice Lescaudron was convicted in Switzerland for forging client signatures to 5 years imprisonment, and later committed suicide in 2020.
“ Former Georgia Prime Minister Bidzina Ivanishvili Sues Credit Suisse Trust in Singapore for Losing $1.27 Billion, Failed to Safeguard Investments in Fraud by Former Switzerland Based Private Banker Patrice Lescaudron “
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Credit Suisse Loses $500 Million Lawsuit to Former Georgian Prime Minister for Illegal Trades by Private Banker Who Later Committed Suicide, $300 Million Lawsuit in Singapore
Credit Suisse Life Bermuda has lost a $500 million lawsuit to former Georgian Prime Minister Bidzina Ivanishvili for illegal trades by former Credit Suisse Private Banker Patrice Lescaudron that resulted in hundreds of millions of losses. In 2018, former Credit Suisse Private Banker Patrice Lescaudron was convicted in Switzerland for forging client signatures to 5 years imprisonment, and later committed suicide in 2020. Georgian Prime Minister Bidzina Ivanishvili has also filed a $300 million lawsuit against Credit Suisse in Singapore. Credit Suisse: “The judgment relates to life insurance policies of one client of Credit Suisse Life Bermuda. The life insurance subsidiary has been closed to new business and in wind-down for more than seven years and has no other material business that will be affected by this judgment. The judgment is not yet final and is subject to appeal, which Credit Suisse Life Bermuda intends to vigorously pursue.”
About Credit Suisse
Credit Suisse is one of the world’s leading financial services providers. Our strategy builds on Credit Suisse’s core strengths: its position as a leading wealth manager, its specialist investment banking capabilities, and its strong presence in our home market of Switzerland. We seek to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland. Credit Suisse employs approximately 51,410 people. The registered shares (CSGN) of Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
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