• ABOUT US
    • History
    • Our Team
    • Advertising
    • Subscription
  • CONTACT US
Georgia Today
No Result
View All Result
  • News
  • Politics
  • Business & Economy
  • Social & Society
  • Sports
  • Culture
  • News
  • Politics
  • Business & Economy
  • Social & Society
  • Sports
  • Culture
No Result
View All Result
Georgia Today
No Result
View All Result

PR Newswire: Court Orders CS Subsidiary to Pay $607 mln to Plaintiffs, Including Ivanishvili

by Georgia Today
July 28, 2022
in Highlights, International, Politics
Reading Time: 1 min read
PR Newswire: Court Orders CS Subsidiary to Pay $607 mln to Plaintiffs, Including Ivanishvili

Based on the latest decision of the Court of Bermuda, the subsidiary of the Swiss bank, Credit Suisse, CS Life was ordered to pay $607.35 million, PR Newswire reports.

“The company must pay the amount within 42 days, which will be held in a separate account until CS Life’s claim is determined. After that, the final damages should be compensated to the plaintiffs, including the former Prime Minister of Georgia, Bidzina Ivanishvili.

“The ruling follows a court ruling in March that held CS Life liable for failing to take adequate measures to prevent fraud and mismanagement of accounts. The total loss on the Credit Suisse accounts of Ivanishvili and his family is $1.2 billion.

“At a hearing on June 21, CS Life argued that it should not pay the debt until all ways of appeal were exhausted and tried to rely on Credit Suisse’s guarantee as sufficient security, but the court rejected that claim.

“As a result of the fraud committed by the bank staff over the course of 7 years, the victims lost 1 billion in total. One Credit Suisse employee has been convicted of fraud, and Switzerland’s financial market watchdog has highlighted failures in the bank’s system and controls that led to the crimes,” reads the information.

Tags: Bidzina IvanishviliCredit Suisse
ShareShareTweet

Related Posts

Wildfires rage across Turkey, Greece, and Albania amid intense mediterranean heatwave
Highlights

Wildfires rage across Turkey, Greece, and Albania amid intense mediterranean heatwave

July 28, 2025
Controversy erupts as Russian military-affiliated fencers compete at world championships in Tbilisi
Highlights

Controversy erupts as Russian military-affiliated fencers compete at world championships in Tbilisi

July 28, 2025
Lithuania imposes visa sanctions on 10 more Georgian citizens, including judges, prosecutors, and MPs
Highlights

Lithuania imposes visa sanctions on 10 more Georgian citizens, including judges, prosecutors, and MPs

July 28, 2025

Recommended

Putin, Xi, and allied leaders mark Russia’s Victory Day at Moscow parade

Putin, Xi, and allied leaders mark Russia’s Victory Day at Moscow parade

3 months ago
Experience Seamless Connectivity with Silknet eSIM in Georgia

Experience Seamless Connectivity with Silknet eSIM in Georgia

1 year ago
Champion Karateka Luka Khvedeliani on the Benefits of Georgian Karate for Georgia’s Youth

Georgia to Celebrate First Europe Day with European Union Candidate Status

1 year ago
Georgian Foreign Minister Holds Farewell Meeting with French Ambassador to Georgia

Georgian Foreign Minister Holds Farewell Meeting with French Ambassador to Georgia

3 years ago
Natia Mezvrishvili on Dealing with 2 Political Giants

Natia Mezvrishvili on Dealing with 2 Political Giants

3 years ago
Giorgi Gakharia: We were Told We Were Capable of Nothing – It’s All a Lie and Ukraine is a Great Example of This

Giorgi Gakharia: We were Told We Were Capable of Nothing – It’s All a Lie and Ukraine is a Great Example of This

3 years ago
GT Interview with Giorgi Badridze

GT Interview with Giorgi Badridze

3 years ago
Russo-Ukrainian War and Georgia – Analysis from security expert Kakha Kemoklidze

Russo-Ukrainian War and Georgia – Analysis from security expert Kakha Kemoklidze

3 years ago

Navigation

  • News
  • Politics
  • Business & Economy
  • Social & Society
  • Sports
  • Culture
  • International
  • Where.ge
  • Newspaper
  • Magazine
  • GEO
  • OP-ED
  • About Us
    • History
    • Our Team
    • Advertising
    • Subscription
  • Contact

Highlights

Former GD MP Luka Kurtanidze arrested after abusing his ex-wife

Multinational military exercise Agile Spirit 2025 officially launches in Georgia

UK Embassy: Georgian Dream distancing from West as Russian threat persists

Visa barriers for parents undermine Georgia’s international student boom

EP: No recognition of Georgian gov’t until free, fair elections held

MIA: 17 detained under administrative procedures on Tvalchrelidze Street

Trending

Experience Seamless Connectivity with Silknet eSIM in Georgia
Business & Economy

Experience Seamless Connectivity with Silknet eSIM in Georgia

by Georgia Today
June 26, 2024

Why Silknet's eSIM could be your top choice in Georgia  Since its introduction, eSIM technology has become...

Photo by the author

Virtuosity and Versatility: Marc-André Hamelin Opens Tbilisi Piano Festival 2024

May 30, 2024
  • Where.ge
  • Newspaper
  • GEO
  • Magazine
  • Old Website

2000-2024 © Georgia Today

No Result
View All Result
  • News
  • Politics
  • Business & Economy
  • Social & Society
  • Sports
  • Culture
  • International
  • Where.ge
  • Newspaper
  • Magazine
  • GEO
  • OP-ED
  • About Us
    • History
    • Our Team
    • Advertising
    • Subscription
  • Contact

2000-2024 © Georgia Today