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Former Prime Minister Of Georgia Filed A $300 Million Lawsuit Against Credit Suisse

Former Prime Minister Of Georgia Filed A $300 Million Lawsuit Against Credit Suisse

Former Prime Minister of Georgia, billionaire Bidzina Ivanishvili continues a legal dispute with the Swiss Bank Credit Suisse over the improper use of its investment portfolio, has filed a lawsuit against one of the Bank's "daughters" in Singapore for at least $300 million, Georgian media reported on Saturday.

"The lawsuit is filed against one of the Bank's employees in Singapore, which opens a new front in Ivanishvili's long-term dispute with Credit Suisse," the media writes, Recalling that the Georgian billionaire previously lost more than $100 million due to the actions of former Swiss Bank Manager Patrice Lescodron. A banker who was entrusted with his fortune by Georgia's richest man was sentenced to prison by a Geneva court in early 2018 for forging signatures and falsifying transactions.

Ivanishvili believes that Credit Suisse was aware of the machinations of one of its former managers, but did nothing to prevent it. In this regard, his lawyers appealed to the courts of New Zealand, Singapore, and Bermuda - it was in these offshore zones that Credit Suisse placed Ivanishvili's investments.

According to Georgian media, Ivanishvili was granted the right to file a lawsuit in Singapore after the Supreme court of the city-state rejected the arguments of Credit Suisse, which pointed to difficulties with interviewing witnesses and obtaining documents protected by Swiss banking secrecy by Singaporean investigators.

"The Georgian billionaire, who got rich in banking and electronics, has enough funds to continue the fight. Given that its investments in Credit Suisse were placed even in New Zealand and Bermuda, it also has many opportunities around the world for this," the media noted.

Credit Suisse is one of the largest Swiss banks with headquarters in Zurich, which has been managing private capital around the world for more than 160 years. The Bank is widely represented on all five continents, providing services to both private clients and companies with a large turnover.

According to Forbes, the property of Ivanishvili, who is the Chairman of the ruling Georgian Dream Party, currently amounts to about $5 billion.