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Defeat for Ivanishvili as independent court renders fair decision in Swiss Bank Case – opposition leader

Lelo for Georgia party leader, Badri Japaridze, on Thursday responded to the loss of Bidzina Ivanishvili – the founder of the ruling Georgian Dream party – in the case against a Swiss bank, attributing it to the impartiality of the independent court.

Japaridze, who along with another party leader Mamuka Khazaradze, both co-founders of the domestic TBC Bank, faces money laundering charges, emphasized the importance of an independent judiciary, expressing confidence that if the era of the Georgian Dream comes to an end, future legal judgments will be issued in accordance with the existing judicial laws in the country.

“The independent court renders fair decisions; that’s why Ivanishvili lost the case. In Georgia, where Ivanishvili has sought to demean and insult his opponents, the court has often ruled in his favor. This era will conclude, and the court will solely base its decisions on justice once the government changes,” Japaridze claimed. 

In the money laundering case against the Swiss bank, Bidzina Ivanishvili faced defeat as the investigation revealed no evidence of wrongdoing by Credit Suisse. The case is now officially closed.

As reported by Bloomberg, UBS, the largest Swiss bank, inherited the money laundering dispute from Credit Suisse, the country’s second-largest bank, which teetered on the brink of bankruptcy, was acquired by UBS in March.

Bloomberg also quoted a spokesman for Ivanishvili, the former prime minister of Georgia, as stating that he plans to appeal the decision to close the case.

In February 2023, Bloomberg reported that Credit Suisse Group AG paid billionaire businessman Ivanishvili $210 million as part of a protracted lawsuit. In March 2022, The Financial Times disclosed that Ivanishvili won a lawsuit against Credit Suisse, and received over $500 million from it (Bloomberg reports $607 million). The decision was rendered by the Bermuda Court.

In September 2022, Ivanishvili, who is labeled as a “shadow ruler” of the country by the domestic opposition, announcing his political comeback to politics in the ruling party council at the end of the last, claimed in a Singapore court that Credit Suisse failed to take steps to prevent the loss of $1.27 billion belonging to him.

He accused Credit Suisse in Singapore of neglecting to protect his investments and “take appropriate measures” to shield him from losses tied to the fraud committed by a Geneva banker. 

Ivanishvili disputes the amount of $800 million and contends that he lost the sum due to the actions of the former bank manager, who committed suicidee in 2020 after his conviction. Credit Suisse’s trust department argued that Ivanishvili’s request was excessive and urged the court to reject it.

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