Ex-Georgian prime minister and billionaire Bidzina Ivanishvili reportedly defended a bonus previously paid to former Credit Suisse banker Patrice Lescaudron, in response to questions illustrating the two’s relationship.
The defense lawyer of Credit Suisse’s Singapore trust unit made queries to demonstrate rapport between Bidzina Ivanishvili and Patrice Lescaudron, according to a «Bloomberg» report citing court proceedings, including questions about a $1.5 million bonus paid to the latter in 2008.
Ivanishvili noted that while the transfers were made to Lescaudron’s private accounts without Credit Suisse’s knowledge, he was too busy to be involved and have knowledge of the details.
«Probably he wanted it for his own personal benefit, and he wanted to justify it by calling it something else under some different names,» Ivanishvili said, acknowledging that it looked strange upon reviewing it yesterday.
$800 Million Suit
The latest proceedings are part of Ivanishvili's attempts to sue Credit Suisse for $800 million for mishandling assets placed under custodianship at Credit Suisse Trust in 2005. Credit Suisse has consistently argued that the scheme was perpetrated by Lescaudron as a lone, rogue banker. Lescaudron was convicted of fraud by a Geneva court in 2018 before committing suicide in 2020.
Separately, Credit Suisse announced that it was selling its trust business, including the Singapore unit, as part of a regulator review without mentioning the ongoing legal case in the city-state.
