Total damages to be paid by Credit Suisse subsidiary will exceed $600 million


LONDON, April 29, 2022 /PRNewswire/ — The 29thand March 2022the Supreme Court of Bermuda confirmed the claims of Bidzina Ivanishvili, former Prime Minister of Georgiaand his family against CS Life, a 100% subsidiary of Credit Suisse, one of the Switzerland leading banks.

The damning judgment confirmed that Credit Suisse was aware of its employee’s wrongdoings, including fraud and mismanagement, but did nothing to prevent them and chose to put profits before the legitimate interests of the employee. customer.

Prior to the judgment, the Credit Suisse statement of 23rd March had confirmed that its subsidiary was facing an award in excess of $500 million to ensure that it met financial regulatory requirements. Additionally, in the same statement, the Bank stated that it would accumulate the necessary reserves to honor the award.

Following the judgment, the respective parties were given the opportunity – based on a formula defined by the court – to make their own calculations. Grant Thorton, a global auditing specialist that is among the world’s top five firms, was commissioned by Bidzina Ivanishvili and her family to act as experts in the proceedings, including to calculate damages. The Court should award damages in excess of $600 million.

A spokesperson for Mr Ivanishvili commented:

“The Bermuda The court judgment did not provide a specific amount and offered a definitive formula for calculating damages. It must be said that the methodology suggested by the Court was the most acceptable format for the Claimants and their expectations were fully met. The customer expects the Bermuda court to approve the figure in the coming weeks and that the corresponding application will be implemented accordingly. »

According to the spokesperson, further litigation against Credit Suisse Trust is pending in the courts of Singaporewhere the trial is scheduled for September 2022involving a claim of more than $800 million.

Once the Court in Bermuda issues the order for payment, including the calculated amount of damages, which should take place before the end of June, Mr. Ivanishvili intends to organize six press conferences for the international media. These will show in detail how Credit Suisse and, in general, the Swiss banking system work. What types of schemes are offered to clients to manage their investments, including the fund structures available as a result clients are limited in the practical means of managing their own assets; in addition, customers are deprived of access to their own funds, much of which depends on the “goodwill” of the Bank. How the Swiss regulator – FINMA – lacks effective tools to prevent flagrant violations in the Swiss banking system; how the Swiss public prosecutor’s office protects the banks and is unable to hold them responsible and only file a complaint against a single individual, described as a “lone wolf”. The Swiss judicial system, which orders banks to only refund funds confirmed as stolen to customers once the funds have been recovered from third parties and how unprotected any customer can be when investing in the financial sector Swiss. Mr. Ivanishvili will devote each of the media encounters to each of the above topics and will dispel the myths associated with the supposedly intact image of Swiss banking and justice.

It should be noted that since the decision of the Bermuda Short, Credit Suisse recently announced changes to its senior management, including the change of Chief Legal Officer. 29and In April, the General Assembly of Credit Suisse will have to take effective measures to recover from the ongoing scandals and unsuccessful litigation with clients.

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Information for publishers

CS Victims was created by representatives of some Credit Suisse clients.

They are victims of approximately $1 billion fraud committed by Bank staff for seven years. At least one Credit Suisse employee has been convicted of fraud, and FINMA has identified failures in Credit Suisse’s systems and controls that directly led to the commission of crimes.



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