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Credit Suisse ordered to pay $926 million to billionaire after fraud


Singapore's International Commercial Court on May 26 ordered Swiss investment bank Credit Suisse Group AG to pay $926 million to billionaire businessman Ivanishvili, who served as Georgia's prime minister from 2012 to 2013, in compensation for failing to safeguard his assets, Reuters reported. Mr. Ivanishvili had placed $1.1 billion under the custodianship of Credit Suisse Trust in 2005. Singapore's International Commercial Court said a unit of Credit Suisse had not acted in good faith and neglected to keep Mr. Ivanishvili’ assets safe.

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