A high profile litigation case that has been playing out in European courts has now spilled over into the Asia Pacific region.
finews.asia reported last year as details began to emerge of a high profile legal case involving Credit Suisse (CS).
The story's focal point is a man called Bidzina Ivanishvili, a former prime minister of Georgia turned rich thanks to his business interests in raw materials and banking.
Ivanishvili reputedly invested one billion Swiss francs with CS – an amount that has shrunk significantly since, allegedly because asset allocation decisions by the client adviser turned sour.
Geneva Arrest
The arrest of a client adviser at the end of January 2016 brought the affair to the public knowledge, but the CS employee spilt the beans to several private detectives as early as December 2015.
«Le Temps», a Swiss daily, published the account of the arrested banker with details about the case, which has the potential to develop into a full-blown storm for Switzerland's second-biggest bank. In his statement, the CS employee claims his bosses left him hanging out to dry.
Lawsuits Filed in Asia
News agency «Bloomberg» now reports that Ivanishvili has filed claims in Auckland at the New Zealand High Court on August 7, then in Bermuda 10 days later and in Singapore on August 25.
The bank’s compliance and auditing practices are set for scrutiny later this year when the former employee of Credit Suisse’s wealth management unit, who can only be identified as L. under Swiss law, goes on trial in Geneva.
Bank Pushes Back
According to the Bloomberg report the Swiss bank has responded, issuing its own statement in which it said, «After a first review, the statement of claim does not present any new or previously unknown facts,»
The bank went on to say, «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.»
