Swiss Bank Credit Suisse CEO, owing Ivanishvili $500mln, resigns

Swiss Credit Suisse Group AG (Credit Suisse), which has to pay 500 million USD to former Georgian PM and the founder of the Georgian Dream ruling party Bidzina Ivanishvili, on Wednesday announced the appointment of Ulrich Körner as Group Chief Executive Officer from August 1, 2022, replacing Thomas Gottstein, who is resigning.

According to the bank’s press release, the reason for the change is to conduct a “comprehensive strategic review, in order to provide first-class services.”

The replacement was preceded by several legal disputes and losses experienced in the last few months, which exceeded 1.5 billion dollars.

Gottstein had connected the loss with “external political  factors.”

While stepping down, he said that in recent weeks, due to personal and health-related considerations, after discussions with colleagues and family, he had decided to resign and give the arena to new management, which he “fully supported.”

Körner has directed credit management at Credit Suisse since April 1, 2021.

Ivanishvili has several legal disputes with Credit Suisse, one of them concerns the interruption of operations in the Green Vals Trust based on the Swiss bank, due to which Ivanishvili experienced financial losses.

Ivanishvili has already won one court case with Credit Suisse, and the bank will have to pay 500 million dollars to him.