Credit Suisse to pay $926 million to Georgia's ex-PM and billionaire after fraud scandal.
TL;DR Summary
Credit Suisse has been ordered to pay $926 million to Georgia's former prime minister, Bidzina Ivanishvili, for losing part of his fortune. The Singapore court ruled that Credit Suisse had not acted in good faith and neglected to keep Ivanishvili's assets safe. The bank is being taken over by UBS and said it would appeal the decision. Ivanishvili had placed $1.1 billion under the custodianship of Credit Suisse Trust in 2005. Credit Suisse is also appealing another judgment related to its management of Ivanishvili's assets.
- Credit Suisse ordered to pay $926 million to Georgia’s former prime minister CNN
- Credit Suisse ordered to pay $926mn to former prime minister of Georgia Financial Times
- Credit Suisse Loses Singapore Court Case With Georgia Tycoon Bidzina Ivanishvili Bloomberg
- Credit Suisse Ordered To Pay Georgia’s Richest Man $926 Million After Fraud Scandal Forbes
- Credit Suisse owes millions to Georgia's billionaire ex-prime minister, court says The Washington Post
- View Full Coverage on Google News
Reading Insights
Total Reads
0
Unique Readers
12
Time Saved
2 min
vs 3 min read
Condensed
85%
577 → 85 words
Want the full story? Read the original article
Read on CNN