Singapore Court Orders Credit Suisse to Pay $926M to Bidzina Ivanishvili

On May 26, Reuters reported that the Singapore International Commercial Court has ordered Credit Suisse Trust Ltd., a subsidiary of Credit Suisse based in Singapore, to pay $926 million in compensation for breaching its duty to safeguard the assets of Bidzina Ivanishvili, businessman, ex-PM and founder of the ruling “Georgian Dream” party. The Singapore International Commercial Court, as cited in a judgment published on Friday, ruled: “The defendant is liable to compensate the plaintiffs for their loss in the amount calculated,” adding that “that amount as presently calculated to the date of trial is USD 926 million”.

Credit Suisse expressed apprehension regarding the ruling and announced its intention to file an appeal, as reported by Reuters.

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.

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