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Credit Suisse ordered to pay $926mn to former prime minister of Georgia

Credit score Suisse has been ordered by a Singaporean decide to pay $926mn to former Georgian prime minister Bidzina Ivanishvili, a remaining blow to the financial institution simply weeks earlier than UBS is anticipated to finish its takeover.

Billionaire Ivanishvili, who’s Georgia’s richest man, had already gained a case towards the Swiss financial institution in Bermuda final 12 months, the place he was awarded $607.5mn.

Ivanishvili’s dispute with Credit score Suisse dates again to 2011 when he was a consumer and sufferer of a personal banker who defrauded among the Swiss lender’s most delicate accounts.

Credit score Suisse, which has been embroiled in a number of lawsuits lately, is being taken over by UBS as a part of a state-orchestrated rescue. The deal may shut within the coming days.