14/09/2022 • The Business Times

Credit Suisse-tycoon clash has wealth industry holding its breath

GEORGIAN billionaire Bidzina Ivanishvili’s US$800 million lawsuit against a trust firm owned by Credit Suisse Group is set to become a test case for the global industry handling billions in assets for wealthy families.

A win for Ivanishvili against Credit Suisse Trust (Singapore) may force a major rethink of how and when trust operators flag unusual transactions or other shady practices.

“People in the industry, not only from Singapore but all over the world, are watching the case to see what will be determined as the standard or duty of care that trustees owe to the beneficiaries,” said Tang Hang Wu, a law professor at Singapore Management University who specialises in areas including trusts and wealth management.

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