Bloomberg News is reporting that Patrice Lescaudron, a Credit Suisse Bank money manager who former Georgia Prime Minister Bidzina Ivanishvili blames for the loss of over $US500 million, has confessed that he transferred $US3.5 million of client money to his wife’s bank account in Monaco and to the account of a company he controlled in Dubai.
Lescaudron’s name is included in a lawsuit Ivanishvili filed April 19 in the British Virgin Islands as part of criminal complaints against both Lescaudron and Credit Suisse.
According to the Bloomberg report, Ivanishvili won a court ruling last week that allows lawyers for one of his investment companies, Wellminstone SA, the right to see Credit Suisse documents, e-mails and other evidence.
Wellminstone SA was not listed by Ivanishvili in his asset declarations while he was prime minister. Wellminstone has been listed as 66.7 percent owner of Resource Future, based in Moscow, and 66.7 percent owner of Moscow-based financial company Spetcpromtrans.
Earlier Ivanishvili said money managers cost him $500 million.