Credit Suisse has been ordered by a Singaporean judge to pay $926mn to former Georgian prime minister Bidzina Ivanishvili, a final blow to the bank before UBS is expected to complete its takeover as soon as next week.
Ivanishvili, who is Georgia’s richest man, had already won a case against the Swiss bank in Bermuda last year, where he was awarded $607.5mn.
The billionaire’s dispute with Credit Suisse dates back to 2011 when he was a client and victim of a private banker who defrauded some of the Swiss lender’s most sensitive accounts.
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