Credit Suisse to pay $1.013b to Georgian billionaire Bidzina Ivanishvili: SG court

The found that Credit Suisse failed to secure trust assets of Ivanishvili.

The Singapore International Criminal Court has ordered investment bank, Credit Suisse, to pay $1.013b (US742.73m) to Georgian politician and billionaire Bidzina Ivanishvili over a breach of duty to safeguard the Trust Assets.

In a court decision, Credit Suisse is liable to compensate Ivanishvili and others for their loss.

“The parties are to ensure that there shall be no double recovery in relation to the Compensation recovered in this Suit and any sum recovered in the Bermuda Proceedings,” read the court order.

Statements to the media showed that Credit Suisse is planning to make an appeal to this ruling.

$1 = US$0.73

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