“This is a claim against a trustee to whom assets were entrusted, who failed in its basic duty of keeping them safe,” Cavinder Bull, Ivanishvili’s lawyer said in court.
Credit Suisse Group AG’s Singapore trust unit “failed in its basic duty” to safeguard a billionaire client’s assets, his lawyers argued on the opening day of a widely anticipated trial.
Bidzina Ivanishvili is suing CS Trust (Singapore) for US$800 million in damages and lost income, arguing the bank should have spotted the fraud being committed by former Credit Suisse banker turned fraudster Patrice Lescaudron much earlier.
