Bidzina Ivanishvili's Legal Battle: London Court How It Unfolds
Bidzina Ivanishvili, Georgia's former prime minister, urged a London court to uphold a $607 million Bermudan judgment against a Credit Suisse subsidiary over a fraud by former adviser Patrice Lescaudron. While Credit Suisse challenges the ruling, Ivanishvili also faces sanctions and separate litigation in Singapore.
Georgia's former prime minister Bidzina Ivanishvili has called on a London court to sustain a $607 million judgment from Bermuda, favoring him against a Credit Suisse subsidiary. The judgment relates to a prolonged deception executed by former Credit Suisse adviser Patrice Lescaudron.
Lescaudron, convicted by a Swiss court in 2018, admitted to forging client signatures and manipulating trades to conceal losses. Ivanishvili, considered Georgia's de facto leader and founder of the ruling Georgian Dream party, had successfully sued Credit Suisse's life insurance arm in Bermuda, resulting in a $607 million award upheld on appeal.
As Credit Suisse, now a part of UBS, contests the verdict at London's Privy Council, the case highlights broader concerns. Ivanishvili's advisability of entrusting over $750 million with CS Life is questioned, fueled by U.S. sanctions against him for undermining democracy for Russia. The trial continues amid separate litigations in Singapore, adjusting awarded sums with Credit Suisse.
(With inputs from agencies.)
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