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Billionaire wins $926 mln from Credit Suisse

STORY: Credit Suisse must pay $926 million to Georgia's former prime minister.

That was the ruling from a Singapore court Friday (May 26) after Bidzina Ivanishvili lost part of his fortune.

It said a unit of Credit Suisse had not acted in good faith or kept his assets safe.

The billionaire businessman was Georgia's prime minister from 2012 to 2013.

The court heard he had placed $1.1 billion under the care of Credit Suisse Trust in 2005.

His lawyers said the Trust's failings had led to fraudulent mismanagement and big losses.

The court found the lender had failed to stop an adviser who was suspected of wrongdoing from having access to Ivanishvili's assets.

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That adviser - Patrice Lescaudron - was convicted by a Swiss court in 2018 of forging signatures of former clients, including Ivanishvili.

Credit Suisse called the decision 'wrong' and immediately said it would appeal.

The bank is also appealing another judgment from Bermuda.

A court there said Ivanishvili is owed $600 million from its life insurance arm.

It is the latest setback for the bank which collapsed earlier this year after a series of scandals.

The lender is currently in the process of being taken over by Swiss rival UBS.