Credit Suisse on Sunday rejected a claim by Russian businessman Vitaly Malkin for 500 million francs ($515.62 million) he linked to a former client adviser at the bank who was convicted of fraud.
The SonntagsZeitung reported that Malkin was pursuing the bank for the money following the conviction of Patrice Lescaudron.
A Geneva court in 2018 sentenced Lescaudron to five years imprisonment for abusing the trust of clients and putting in place a fraudulent scheme that brought him tens of millions of francs. “Credit Suisse rejects all of the client’s allegations.
A Bermuda court ruled in March that former Georgian Prime Minister Bidzina Ivanishvili and his family are due damages “substantially in excess of $500 million” from Credit Suisse’s local life insurance arm due to fraud committed by Lescaudron.
This report’s information was first seen on Reuters; to read more, click this link.
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