05/09/2022 • The Straits Times

Credit Suisse court battle with billionaire kicks off in Singapore

Credit Suisse Group’s next legal battle unfolds in Asia on Monday as a local subsidiary stands trial in Singapore accused by a billionaire client of negligence that he says cost him as much as US$800 million (S$1.12 billion).

Mr Bidzina Ivanishvili, a Georgian tycoon who was once his country’s prime minister, is expected to testify via video link on the opening day of the trial, which comes just months after his victory in a related clash with the Swiss bank’s Bermuda life insurance unit.

The dispute with Mr Ivanishvili adds to the problems that Credit Suisse’s newly appointed chief executive officer Ulrich Koerner and chairman Axel Lehmann are keen to resolve as the bank reels from reputational hits in the last two years.

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