The ruling, the first since the troubled bank was taken over by rival UBS Group AG in June, is the latest development in the Singapore chapter of the long-running saga that’s spanned three continents. The case revolves around the case of private banker Patrice Lescaudron who was convicted in 2018 for for running a fraudulent scheme in which he took money from Ivanishvili’s accounts to try and mask growing losses in other, Russian clients’ portfolios.
A Credit Suisse unit has been ordered to pay billionaire Bidzina Ivanishvili US$742.7 million ($1.01 billion) by a Singapore court as it confirmed that the bank’s trust had failed to safeguard its client’s assets.
The amount was revised down from the US$926 million assessed by the court in May. At the time, the court said the final award would be reduced to avoid double recovery after a Bermuda court last year awarded Ivanishvili more than US$600 million in damages in that case.
