A Singapore court ordered Credit Suisse to pay $926 million to the former Georgian prime minister.
Credit Suisse was bought by another Swiss bank, UBS, in March amid fears that the bank might go bankrupt due to various scandals.
Former Prime Minister of Georgia Budzina Ivansholi filed lawsuits against Credit Suisse in Singapore, New Zealand and Bermuda.
The former prime minister alleged that due to the fraud and mismanagement of the bank, I suffered a huge loss in my investment.
He had filed a case against Credit Suisse’s Singaporean sub-branch.
Singapore’s International Commercial Court today ruled in favor of Budzina.
Judge Patricia Bergen said in the decision that if the former prime minister’s loss is estimated at today’s date, it is 926 million dollars.
Credit Suisse says it will appeal the decision.
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