Credit Suisse Ordered to Compensate Georgian Tycoon Bidzina Ivanishvili
ee Company Ltd. was ordered to pay damages to Mamuka Bakhtadze for losses he incurred when the trust failed to pay out on two bonds. The court ordered Credit Suisse to pay damages to the former prime minister of Georgia for losses incurred when the trust failed to pay out on two bonds.
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A Singapore court ruled that Credit Suisse's unit had breached their duty towards plaintiffs, including the former Georgian prime minister Bidzina Ilaniashvili. (David Mdzinarishvili/Zuma Press)
The Singapore court did not specify the amount of damages that were to be paid, but ordered the Credit Suisse trust to compensate the former Georgian prime minister.
According to a report, Credit Suisse Trust Limited breached their duty by failing to protect the assets in the trust. This included Georgian politician and tycoon Bidzina.
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Friday.
According to the court judgment, the losses were $926 million less $79,4 million due to the way some trades in the trust's investment portfolio were calculated. The final compensation may change, however, because of the aforementioned.
Bermuda court awarded Ivanishvili over $600 Million last year
In a similar case, the Singaporean court ruled that the plaintiffs would not be able to claim the same loss more than once.