Bermuda court orders Swiss Credit Suisse subsidiary to pay $607mln to plaintiffs, including Ivanishvili in 42 days

The Supreme Court of Bermuda ordered the Swiss Credit Suisse subsidiary to pay $607.35m in damages within 42 days to plaintiffs, including  former PM of Georgia and the founder of the Georgian Dream ruling party, Bidzina Ivanishvili, in its latest judgement earlier this week.

 

The money will be held in an independent account until CS Life’s appeals have been determined, following which the final damages amount will be paid to plaintiffs.

 

The judgement followed the March ruling which found CS Life responsible for not taking adequate actions to prevent fraud and mismanagement on the accounts. Total losses on accounts with Credit Suisse owned by Ivanishvili and his family amount to more than $1.2bn, AP reported. 

 

In his letter released yesterday, Ivanishvili said that the court delayed the transfer “due to Georgia”, allegedly referring to the June resolution of the European Parliament which called for sanctions on Ivanishvili for his “destructive role” on Georgian politics and economics and his “connections with the Kremlin”. 

 

The ruling party slammed the European Parliament for the resolution, calling the allegations “absolutely unfounded”, while the opposition, which dubs Ivanishvili as an informar ruler of the country with “pro-Russian interests”, welcomed the move.