Multibillion-dollar claims for damages brought by Georgian ex-prime minister Bidzina Ivanishvili against Credit Suisse subsidiaries in Bermuda and Singapore have been playing out in the background in recent weeks. Ivanishvili is now breaking his silence through the «CS Victims» association, of which he is the most prominent element, making new accusations against Credit Suisse on Wednesday.
Money is once again at stake. Astonishing as it may seem, Credit Suisse subsidiaries still manage some assets of the Georgian billionaire. While the exact amount is not mentioned, the money is not affected by the fraud of ex-Credit Suisse banker Patrice Lescaudron and remained in Credit Suisse bank deposits.Starting in 2011, Lescaudron diverted millions of assets under his care to wealthy clients, including Ivanishvili.
Credit Suisse victims now accuse the bank of having restricted Ivanishvili's access to these assets since the start of the Ukraine war just under a year ago which is seen by the victims' association as an indirect sanction.The EU Parliament recommended in December that sanctions be imposed on Ivanishvili related to alleged business ties with Russia. However, this recommendation was not implemented in the EU to date. Ukraine has also advocated sanctions against the Georgian.
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