Credit Suisse Trust’s Trial Admission Boosts Tycoon’s Case
- Unexpected concession comes at end of second week of trial
- Billionaire sued CS trust for $800 million in damages, losses
Bidzina Ivanishvili
Photographer: Daro Sulakauri/Bloomberg
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A Credit Suisse Group AG trust admitted it failed to let its billionaire client know about unauthorized transfers from his accounts, in an unexpected move that may shape the outcome of a Singapore trial over the unit’s potential liability for losses tied to a rogue banker.
Over the first nine days of the trial, Lee Eng Beng, the lead lawyer for Credit Suisse Trust (Singapore) Ltd., had argued that its responsibility was limited to administration of the assets belonging to Bidzina Ivanishvili and that it was the tycoon, or his Georgian business adviser, who called the shots on investment decisions and should be liable for any losses.