Bidzina Ivanishvili Battles Credit Suisse in London Court

Georgia's former Prime Minister, Bidzina Ivanishvili, appeared in a London court on Monday, calling for a $607 million Bermudan judgment in his favor to be upheld. This legal battle ensued following a lengthy fraud case involving a former Credit Suisse adviser.

Patrice Lescaudron, once an adviser at Credit Suisse Trust in Singapore, faced conviction by a Swiss court in 2018 for forging client signatures, including that of Ivanishvili. His fraudulent activities, which involved falsifying trades and concealing losses, led to his suicide in 2020. Subsequently, Ivanishvili and his family won a significant legal victory in Bermuda, securing $607 million in damages, a decision upheld on appeal in 2023.

Nevertheless, Credit Suisse, now under UBS's ownership, is contesting the judgment at London's Privy Council. Lawyer Charles Falconer argued that Bermudan courts misinterpreted the contract with Ivanishvili, wrongly holding CS Life accountable for the bank's asset management failures. The case is further complicated by U.S. sanctions against Ivanishvili for actions benefiting Russia, raising questions about the potential payment of damages.

(With inputs from agencies.)