30/03/2022 • The Royal Gazette

Georgian billionaire claims victory over Credit Suisse

A damning “indictment” of the business dealings of Credit Suisse bank follows a Supreme Court judgment in which more than half a billion dollars were at stake and where the court found fraud in policy accounts that the bank’s Bermuda subsidiary held for former Georgian leader and billionaire Bidzina Ivanishvili.

Mr Ivanishvili has won a legal battle that pitted him against the Swiss banking giant’s subsidiary, Credit Suisse Life (Bermuda).

Chief Justice Narinder Hargun’s 281-page judgment in the complex and lengthy case concluded that the plaintiffs, who include Mr Ivanishvili’s family members and two companies, were the victims of fraud and that the Swiss bank had put revenue ahead of the interests of their clients.

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