Credit Suisse Loses Singapore Lawsuit, Court Revised Payment Downwards to $742 Million Instead of $926 Million to Avoid Double Payment with Bermuda Court Awarding More than $500 Million in May 2022, Former Georgia Prime Minister Bidzina Ivanishvili Lost $1.27 Billion & Credit Suisse Failed to Safeguard Investments in Fraud by Private Banker Patrice Lescaudron Who Committed Suicide in Jail in 2020
22nd September 2023 | Hong Kong
Credit Suisse which had lost the $1.27 billion lawsuit in Singapore (May 2023), had been ordered by the Singapore court to pay $742 million instead of $926 million to avoid double payment (Bermuda court awarded more than $500 million in May 2022) to former Georgia Prime Minister Bidzina Ivanishvili. Credit Suisse Trust Singapore had lost $1.27 billion and had failed to safeguard investments in fraud by private banker Patrice Lescaudron who committed suicide in jail in 2020. The previous settlement amount of $926 million, includes $79.4 million (May 2023). Singapore Court: “The parties’ respective forensic accounting experts, Mr Davies and Mr Nicholson, conferred after the delivery of the Judgment to assist the parties to reach agreement on the amount payable under Model 1B from the date of breach. As the parties were not able to agree, the experts provided their respective reports dated 25 August 2023 to assist the Court in the determination of the amount. The original value of US$926.04m in the Model 1B calculations has reduced to US$781.51m by reason of the change in commencement date, some three months later than the original calculations, and the significantly reduced performance of the Benchmark Portfolio between 1 October 2021 and 26 May 2023. The Settlement amount of US$79,430,773 referred to in the Judgment at [730] was in fact made up of three components, only one of which related to Meadowsweet in the amount of US$30,011,498 (the “Meadowsweet Settlement Amount”). The other two amounts related to the plaintiff’s company Wellminstone SA and personal accounts held by the plaintiff. Mr Davies calculated the amount for deduction on two bases. The first was by deducting the whole of the amount of the Settlement and reaching a total of US$702.8m. The second was by deducting only the Meadowsweet Settlement Amount and reaching a total of US$742.73m.” View the latest judgement here
“ Credit Suisse Loses Singapore Lawsuit, Court Revised Payment Downwards to $742 Million Instead of $926 Million to Avoid Double Payment with Bermuda Court Awarding More than $500 Million in May 2022, Former Georgia Prime Minister Bidzina Ivanishvili Lost $1.27 Billion & Credit Suisse Failed to Safeguard Investments in Fraud by Private Banker Patrice Lescaudron Who Committed Suicide in Jail in 2020 “
Credit Suisse Loses Singapore Lawsuit, To Pay $926 Million to Former Georgia Prime Minister Bidzina Ivanishvili for Losing $1.27 Billion & Failing to Safeguard Investments in Fraud by Private Banker Patrice Lescaudron Who Committed Suicide in Jail in 2020
26th May 2023 – Credit Suisse has lost the $1.27 billion lawsuit in Singapore, and will pay $926 million to former Georgia Prime Minister Bidzina Ivanishvili for Credit Suisse Trust Singapore losing $1.27 billion and failing to safeguard investments in fraud by private banker Patrice Lescaudron who committed suicide in jail in 2020. The settlement amount of $926 million, includes $79.4 million in an earlier judgement. There will be no double counting of settlement, and the $926 million will also include more than $500 million of settlement for Credit Suisse Life Bermuda lawsuit in April 2022. Singapore Judge Patricia Bergin: “The loss suffered by the plaintiffs is the difference between what would have been achieved if the whole portfolio had been removed and managed by a competent, professional trustee and the trust assets were not affected by fraud, and what was actually achieved.” More info below.
Credit Suisse Paid $210 Million to Former Georgia Prime Minister Bidzina Ivanishvili, Ongoing Lawsuit for Credit Suisse Trust in Singapore for Losing $1.27 Billion & Failing to Safeguard Investments in Fraud by Former Switzerland Based Private Banker Patrice Lescaudron
16th February 2023 – Credit Suisse has paid $210 million to former Georgia Prime Minister Bidzina Ivanishvili, with an ongoing lawsuit against Credit Suisse Trust in Singapore for losing $1.27 billion and failing to safeguard investments in fraud by former Switzerland-based Private Banker Patrice Lescaudron. In 2022 September, former Georgia Prime Minister Bidzina Ivanishvili sued Credit Suisse Trust in Singapore for losing $1.27 billion for failing to safeguard his investments in a fraud committed by former Switzerland-based private banker Patrice Lescaudron. The trial began in Singapore on the 5th of September 2022. At the opening statement, Credit Suisse Trust had calculated the losses at $818.2 million, instead of the estimate of $1.27 billion by Bidzina Ivanishvili. Former Georgia Prime Minister Bidzina Ivanishvili statement at the opening: “Since 2015, former Georgia Prime Minister Bidzina Ivanishvili had placed $1.1 billion under the custodianship of the Credit Suisse Trust.” Earlier in April 2022, Credit Suisse Life Bermuda has lost a $500 million lawsuit to former Georgian Prime Minister Bidzina Ivanishvili for illegal trades by former Credit Suisse Private Banker Patrice Lescaudron that resulted in hundreds of millions of losses. In 2018, former Credit Suisse Private Banker Patrice Lescaudron was convicted in Switzerland for forging client signatures to 5 years imprisonment, and later committed suicide in 2020. More info below.
Former Georgia Prime Minister Bidzina Ivanishvili Sues Credit Suisse Trust in Singapore for Losing $1.27 Billion, Failed to Safeguard Investments in Fraud by Former Switzerland Based Private Banker Patrice Lescaudron
8th September 2022 – Former Georgia Prime Minister Bidzina Ivanishvili has sued Credit Suisse Trust in Singapore for losing $1.27 billion for failing to safeguard his investments in a fraud committed by former Switzerland-based private banker Patrice Lescaudron. The trial began in Singapore on the 5th of September 2022. At the opening statement, Credit Suisse Trust had calculated the losses at $818.2 million, instead of the estimate of $1.27 billion by Bidzina Ivanishvili. Former Georgia Prime Minister Bidzina Ivanishvili statement at the opening: “Since 2015, former Georgia Prime Minister Bidzina Ivanishvili had placed $1.1 billion under the custodianship of the Credit Suisse Trust.” Earlier in April 2022, Credit Suisse Life Bermuda has lost a $500 million lawsuit to former Georgian Prime Minister Bidzina Ivanishvili for illegal trades by former Credit Suisse Private Banker Patrice Lescaudron that resulted in hundreds of millions of losses. In 2018, former Credit Suisse Private Banker Patrice Lescaudron was convicted in Switzerland for forging client signatures to 5 years imprisonment, and later committed suicide in 2020.
Credit Suisse Loses $500 Million Lawsuit to Former Georgian Prime Minister for Illegal Trades by Private Banker Who Later Committed Suicide, $300 Million Lawsuit in Singapore
Credit Suisse Life Bermuda has lost a $500 million lawsuit to former Georgian Prime Minister Bidzina Ivanishvili for illegal trades by former Credit Suisse Private Banker Patrice Lescaudron that resulted in hundreds of millions of losses. In 2018, former Credit Suisse Private Banker Patrice Lescaudron was convicted in Switzerland for forging client signatures to 5 years imprisonment, and later committed suicide in 2020. Georgian Prime Minister Bidzina Ivanishvili has also filed a $300 million lawsuit against Credit Suisse in Singapore. Credit Suisse: “The judgment relates to life insurance policies of one client of Credit Suisse Life Bermuda. The life insurance subsidiary has been closed to new business and in wind-down for more than seven years and has no other material business that will be affected by this judgment. The judgment is not yet final and is subject to appeal, which Credit Suisse Life Bermuda intends to vigorously pursue.”
About Credit Suisse
Credit Suisse is one of the world’s leading financial services providers. Our strategy builds on Credit Suisse’s core strengths: its position as a leading wealth manager, its specialist investment banking capabilities, and its strong presence in our home market of Switzerland. We seek to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland. Credit Suisse employs approximately 51,410 people. The registered shares (CSGN) of Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
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