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Credit Suisse unit to contest USD743m payout in Singapore court



A unit of the now-defunct Credit Suisse is set to challenge a Singapore court’s order to pay USD743m to billionaire client Bidzina Ivanishvili. This decision comes after a lower court found that Credit Suisse Trust failed to protect Ivanishvili’s assets, resulting in a downscaled payment from an initial USD926m. The case, which involves the actions of convicted banker Patrice Lescaudron, spans three continents and involves allegations of negligence and mishandling by the bank. Lescaudron’s fraudulent activities and Credit Suisse’s oversight failures were factors leading to the bank’s lack of shareholder confidence and its eventual acquisition by UBS Group in March 2023.

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