2023-05-26 07:44:03
Zurich (awp) – Credit Suisse has suffered another setback in its dispute with Bidzina Ivanishvili. A Singaporean court has ordered the former Swiss banking flagship in the process of being forced to be bought out by its competitor UBS to compensate the billionaire and former Georgian Prime Minister up to 926 million dollars (nearly 840 million Swiss francs), an amount however, with a discount of 79.4 million.
The Singapore International Commercial Court (SICC) points out in a judgment released on Friday that the bank with two veils admitted breaches of its duty to secure the assets entrusted to it by the plaintiff. The damage estimated for the latter consists of the difference between the result of the effective management of these assets and what it would have been if they had been managed in a “competent and professional” and “untainted by fraud” manner, continues the judgment.
The protagonists are now enjoined to negotiate so as to avoid duplication in the calculation of damages compared to a previous judgment once morest Credit Suisse rendered in Bermuda.
The justice of the British archipelago had arrived at the end of March 2022 at the conclusion that the number two Swiss bank, in this case its local life insurance subsidiary, had failed in its duty of care by turning a blind eye to the actions of the one who was then one of its star managers, convicted in Geneva for fraud in 2018 and has since died. Credit Suisse had already been ordered to pay the plaintiff damages in the amount of $607 million.
Credit Suisse, which had appealed the Caribbean convictions in December, has already indicated to AWP its intention to appeal the Singaporean decision as well.
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