Georgian ruling party founder Ivanishvili wins dispute against Swiss bank over $ 500mln

Founder of the ruling Georgian Dream party, Former Prime Minister of Georgia Bidzina Ivanishvili has won an ongoing dispute with the Swiss bank Credit Suisse over 500 million USD, Financial Times has reported.

Credit Suisse will have to pay $500 million to Ivanishvili after the Bermuda court officially  announces its judgment, the media outlet claims.

Ivanishvili has been suing Credit Suisse for six years, accusing the bank of embezzling more than $500 million from his accounts.

Per the case materials, Ivanishvili’s banker Patrick Leskadron invested and lost Ivanishvili’s money in one of the companies on the stock exchange and was convicted of fraud back in 2018. However, he committed suicidde back in 2020.

Credit Suisse claimed that Leskadron was operating independently from the bank.

Ivanishvili is one of five people still pursuing a lawsuit against the bank, saying it was the bank’s obligation not to allow Leskadron’s actions after the crime was uncovered.

According to Forbes, Ivanishvili’s wealth is still $ 4.8 billion.

His Georgian Dream coalition defeated the United National Movement back in 2012 and the Georgian Dream party has been in office since then, while Ivanishvili had to enter and quit politics twice over the past 10 years.