SINGAPORE/HONG KONG – Georgia's former prime minister Bidzina Ivanishvili alleged on Monday a trust unit of Credit Suisse had failed to take steps to prevent him from losing $1.27 billion (S$1.78 million), as a Singapore court started to hear evidence in the case. Ivanishvili has accused Credit Suisse Trust Ltd in Singapore of failing to safeguard his investments and 'take...
Switzerland's national flag flies in front of the headquarters of Swiss bank Credit Suisse in Zurich, Switzerland, on July 27, 2022.SINGAPORE/HONG KONG – Georgia's former prime minister Bidzina Ivanishvili alleged on Monday a trust unit of Credit Suisse had failed to take steps to prevent him from losing $1.27 billion , as a Singapore court started to hear evidence in the case.
Ivanishvili gave evidence to the Singapore International Commercial Court via a video link from Georgia. Koerner has been tasked with paring back investment banking and cutting more than $1 billion in costs to help Switzerland's second-biggest bank recover from the setbacks and losses. Lescaudron was convicted by a Swiss court in 2018 of forging the signatures of former clients, including Ivanishvili, over an eight year period. He admitted falsifying trades and hiding losses as part of a scheme that made him tens of millions of Swiss francs.Credit Suisse is reeling from billions in losses racked up in 2021 via failed investments, plus the impact of multiple legal cases, including a Bermuda court case, also involving Ivanishvili, that could cost around $600 million.
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