TBILISI, DFWatch–Georgian billionaire Bidzina Ivanishvili is suing Credit Suisse for losing 100 million Swiss francs, according to reports in Swiss press.
Ivanishvili has filed a lawsuit at Geneva court against the financial manager of Credit Suisse Group AG, for embezzling his shares.
Swiss newspaper Le Tempt writes that Ivanishvili’s private banker took about 100 million Swiss francs from funds owned by Ivanishvili in order to cover losses suffered by other clients.
According to Wall Street Journal, Ivanishvili’s private banker Patrice Lescaudron is now in police custody, and Credis Suisse has sued him for fraud.
Two other Russian clients also lost millions. Their identity is not revealed, but according to Swiss media they are connected to Gazprom.