Georgian billionaire and the country’s former prime minister Bidzina Ivanishvili has reportedly sued Credit Suisse in Singapore, New Zealand and Bermuda for alleged mismanagement that resulted in substantial losses.
Ivanishvili’s lawyers alleged that the leader reportedly had to face hundreds of millions of dollars in losses due to fraudulent activities of one of the client advisers of the Swiss bank.
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The bank is also alleged of failing to take necessary action even after being acquainted with the adviser’s wrongdoings.
“The full extent of Credit Suisse’s alleged wrongdoing has yet to be established. It is said to have taken place over several years and is allegedly strongly indicative of systemic failures at Credit Suisse. He could not have acted alone over such a long period of time,” Ivanishvili’s lawyer remarked.
Credit Suisse, however, defended itself saying that that the adviser acted alone.
“It is mainly based on the issues/allegations arising out of the criminal proceedings against the former relationship manager in Geneva. Credit Suisse will take appropriate action to defend the claims,” the bank said.
The alleged complaints are reportedly associated with the management of portfolios between 2005 and 2015.
