US Embassy addresses Bidzina Ivanishvili’s financial allegations

The US Embassy in Georgia on Tuesday addressed allegations made by the Georgian Dream ruling party official regarding the alleged freezing of party founder and its honorary chair, Bidzina Ivanishvili’s funds by Western authorities. The embassy asserted that Ivanishvili was “fully aware” that the money related to his legal case was currently in the hands of courts in Bermuda and Singapore, not the United States. The statement questioned, “Why is he telling Georgians a different story?”

This response comes on the heels of last year’s ruling from Singapore’s International Commercial Court, which ordered Credit Suisse to pay $926 million to Ivanishvili for failing to protect his assets.

The court found that a unit of Credit Suisse had not acted in good faith and neglected its responsibility to safeguard Ivanishvili’s investments, which he had entrusted to the bank.

Ivanishvili, who served as Georgia’s prime minister from 2012 to 2013, had placed $1.1 billion under the custodianship of Credit Suisse Trust in 2005. His legal team has argued that the bank’s mismanagement led to substantial financial losses and fraudulent activity.

The ruling Georgian Dream party officials, including Prime Minister Irakli Kobakhidze, claim Ivanishvili “is under de facto sanctions” from the West, pointing to the case.