Ivanishvili’s Lawyers Update on Ivanishvili v. Credit Suisse Cases
On July 18, the legal company Metric released a statement on the current situation regarding the cases of former Prime Minister and founder of “Georgian Dream” Bidzina Ivanishvili vs. Credit Suisse. The statement notes that the Bermuda Court of Appeal’s decision, dated June 23, upheld the first-instance decision ordering the Credit Suisse subsidiary to pay $607 million.
In addition, the Singapore’s Court of First Instance has ordered Credit Suisse Trust Limited to pay damages of USD 926 million on May 26, 2023.
The law firm says that it has no complaints about the ongoing legal proceedings in various jurisdictions, but is concerned about the control of the assets, that remained after the bank’s illegal activities, by Credit Suisse and related entities. It is known that the bank transferred the assets to the Swiss bank “Julius Baer”, but left its trust company based on the island of Genzi as the manager of the assets.
Ivanishvili’s access to the assets has been delayed since March 2022, with the bank citing ongoing geopolitical events in Eastern Europe as the reason. To resolve the issue, the lawyers decided to terminate and dissolve the trust agreement, which was done by the trust’s resolution on June 14, 2023, after an artificially prolonged process.
Julius Baer distributed approximately 5% of the Trust’s assets upon dissolution. The remaining 95% was placed in one of the hedge funds, which in turn has most of its assets distributed in American funds and a relatively small amount in Western European funds, which artificially delay the transfer of those assets to the plaintiffs.
The statement concludes by expressing hope that Ivanishvili and his family will be reinstated and given full access to their assets.
Also Read:
- 26/05/2023 – Singapore Court Orders Credit Suisse to Pay $926M to Bidzina Ivanishvili
- 10/05/2022 – As Ivanishvili Battles Swiss Bank, GD Hints at U.S. Pushing Georgia into War
This post is also available in: ქართული (Georgian) Русский (Russian)
