Credit Suisse said it paid out millions to billionaire Bidzina Ivanishvili with whom the bank is engaged in a legal battle.
Former Georgia Prime Minister and businessman Bidzina Ivanishvili received $210 million from Credit Suisse since the two parties became engaged in a long-running legal battle, according to a «Bloomberg» (behind paywall) story.
Credit Suisse made the payments in that amount to Ivanishvili «over time for the proceedings across all the plaintiff's accounts,» according to «Bloomberg» citing an email from a Credit Suisse spokesperson.
Singapore Lawsuit
He sued Credit Suisse in Singapore for $800 million in damages and lost income. He claims that is the amount he would have earned had the funds been safely invested.
In September, a lawyer for Credit Suisse acknowledged to the commercial court in Singapore that in some administrative procedures, the trust did not comply with the standards it had imposed on itself, as finews.com reported.
Credit Suisse banker Patrice Lescaudron was the central player in the case who faked signatures and created dummy portfolio statements in order to illegally transfer millions of dollars, mainly from Ivanishvili's accounts to cover losses in other client portfolios, a move that led to his conviction and imprisonment in 2018 over fraud and forgery.
