Credit Suisse ordered the former prime minister of Georgia to pay $926 million
Credit Suisse has been ordered by a Singapore judge to pay $926 million to former Georgian Prime Minister Bidzina Ivanishvili, the latest blow to the bank just weeks before UBS is expected to complete its takeover.
Billionaire Ivanishvili, Georgia’s richest man, won a lawsuit against the Swiss bank in Bermuda last year, where he was awarded $607.5 million.
Ivanishvili’s dispute with Credit Suisse dates back to 2011, when he was a client and victim of a private banker who defrauded the Swiss lender’s most sensitive accounts.
Credit Suisse, which has been involved in several lawsuits in recent years, will be taken over by UBS as part of a state-organized rescue. The deal could close in the next few days.