Bidzina Ivanishvili, Georgia’s former prime minister, said on Monday that a Credit Suisse trust unit failed to protect him from losing $1. 27 billion, as evidence in the fight to avoid damages due to fraud perpetrated by its former Geneva-based banker Patrice Lescaudron began to be heard in a Singapore court. In its opening statement, the trust unit stated that “the magnitude of damages sought by the plaintiffs is excessive.” It requested that the lawsuit be dismissed by the Singapore International Commercial Court.
Credit Suisse is reeling from billions of dollars in losses from failed investments in 2021, as well as the impact of multiple legal cases, including a Bermuda court case involving Ivanishvili that could cost up to $600 million.
The trust unit stated in its opening statement in Singapore court that the actions against it were “excessive.” Credit Suisse Trust acknowledged that it was “obligated to preserve the Trust Assets if it had real information that those assets were not being managed correctly,” but added that it did not have such knowledge at the time. “CS Trust respectfully requests that the Court reject the claim as being brought against the incorrect defendant and on the incorrect premise,” it stated.