“Put it simply, they were trying to do their incompetent best to address” the unauthorized payments, Lee Eng Beng said at the hearing at the Singapore Court of Appeal. They went to their superiors about Lescaudron but the one thing they didn’t do by March 30, 2008 is to let Ivanishvili know, he said.
A lawyer for a Credit Suisse trust seeking to overturn the US$743 million in damages the bank owes to Georgian billionaire Bidzina Ivanishvili said the staff responsible did their “incompetent best.”
In a surprise concession to the challenge the Swiss bank faces in its appeal over its mishandling of rogue banker Patrice Lescaudron, the lead lawyer for Credit Suisse Trust told a Singapore court on Monday that staff failed to inform their client of the illicit payments Lescaudron had made.
