Credit Suisse Trust ordered to pay US$926 million in damages to former Georgian Prime Minister and family

Former Georgia prime minister Bidzina Ivanishvili

26th May 2023 – (Singapore) The Singapore International Commercial Court has ordered Credit Suisse Trust to pay damages of $926m to former Georgian Prime Minister Bidzina Ivanishvili and his family. A fraudster within the bank had embezzled millions of dollars from the Mandalay Trust over nine years, and the court found that Credit Suisse Trust had breached its duty to safeguard the assets of Ivanishvili and his family. The defendant, Credit Suisse Trust, is a wholly-owned subsidiary of Swiss company Credit Suisse Trust AG, which is a subsidiary of Credit Suisse Group. The bank and Credit Suisse Trust had advised Ivanishvili to use the Mandalay Trust for inheritance planning and asset holding.