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Ivanishvili To Sue Swiss Bank Julius Baer

Lasha Kalandadze, lawyer for the honorary chairman of the ruling Georgian Dream party, Bidzina Ivanishvili, said Swiss bank Julius Baer is engaging in “political blackmail” against Ivanishvili and announced plans to file a lawsuit against the bank.

According to a statement released by law firm Metric on January 20 a large portion of assets “that survived Credit Suisse’s illegal actions” were transferred to Julius Baer, including accounts designated for hedge fund deposits. Kalandadze specifically names three hedge funds – CarVal Credit Value Fund III, Promona Capital VIII, and TPG Opportunities Partners III – which he argued have violated fund return deadlines.

“Julius Baer effectively threatened to close Bidzina Ivanishvili’s personal bank account in mid-December 2024, citing his status as a politically active person,” writes Kalandadze, adding that the bank “did not even explain why this issue of closing a personal account due to political activity arose especially at the end of 2024.” In the end, the account was not closed, the letter says.

Kalandadze states that, according to the beneficiaries, Julius Baer “incorrectly (rather, to its advantage) interpreted U.S. sanctions” and informed Ivanishvili’s family members and companies that their bank accounts were subject to these sanctions. Kalandadze announced that Ivanishvili plans to sue Julius Baer “with involvement of foreign lawyers, demanding that the bank fulfill its obligations and pay damages”.

A new civil lawsuit will also be filed in Switzerland against Credit Suisse, seeking compensation for amounts not covered by the Singapore and Bermuda disputes, the statement announces.

The Executive Secretary and the leader of the GD’s Parliamentary Majority, Mamuka Mdinaradze commented on the affair, stating that after Ivanishvili spoke about the ‘deep state,’ “it was decided to punish and blackmail him at the expense of destroying the reputation of another bank [Julius Baer]. No matter how many Swiss banks they destroy, it seems they do not know this man well. This is someone who, at one time, put himself aside for his homeland.” “Blackmail involving money will yield no results with him,” Mdinaradze concluded.

The U.S. Department of Treasury’s Office of Foreign Assets Control designated Ivanishvili under the Russian Harmful Foreign Activities Sanctions on December 27, 2024. Importantly, the sanctions regime applies to any transactions made under the Singapore Court of Appeal Case, Credit Suisse Trust Ltd v. Ivanishvili, Bidzina and others of 2024 and the appeal of 2023. While announcing the decision, Secretary of State Antony Blinken stated that “Ivanishvili and Georgian Dream’s actions have eroded democratic institutions, enabled human rights abuses, and curbed the exercise of fundamental freedoms in Georgia,” adding that these actions “have derailed Georgia’s Euro-Atlantic future.”

The news was updated on 3:41 p.m. after Mdinaradze’s comment.

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This post is also available in: ქართული (Georgian) Русский (Russian)

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