Credit Suisse has been ordered to pay out almost $1 billion in compensation after failing to safeguard the assets of a former Georgian prime minister.
Bidzina Ivanishvili, who served as Prime Minister of Georgia from October 2012 to November 2013, had sued Credit Suisse in Singapore, New Zealand and Bermuda over failings at the bank which led to fraudulent mismanagement and substantial losses.
The Singapore International Commercial Court on Friday ruled in favour of Ivanishvili, stating: "The plaintiffs have established that the defendant breached its duty to the plaintiffs to safeguard the trust assets as at 30 March 2008."
"The defendant is liable to compensate the plaintiffs for their loss in the amount calculated. That amount as presently calculated to the date of trial is USD 926 million."
The court said that the figure should be reduced by $79.4 million as the result of a settlement.
Credit Suisse said that it would appeal the verdict and criticised the judgement. In a statement, the bank said: "The judgement published today is wrong and poses very significant legal issues. Credit Suisse Trust Limited intends to vigorously pursue an appeal.”
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