Russian oligarch Vitaly Malkin has sued Credit Suisse

Russian oligarch Vitaly Malkin has sued Credit Suisse for 500 million Swiss francs (491 million euros) in damages caused to him by a former financial adviser to the bank, the Sunday newspaper reported. Content:. «Credit Suisse denies all allegations“, The bank told AFP.

The Sonntagzeitung article says that Vitaly Malkin, who lives in Monaco and is a business partner of billionaire’s former Georgian Prime Minister Bidzina Ivanishvili, has instructed Quinn Emanuel to sue Credit Suisse over the case of former adviser Patrice Lescodron.

This consultant, who worked in Geneva, was fired by Credit Suisse in 2015, according to media reports. Following the court of his birth, he was sentenced to five years in prison in 2018, and in 2020 he committed suicide.Credit Suisse was recognized as a victim by all the criminal authorities confiscated in this case“, he said.

This new case comes at a time when Bidzina Ivanishvili has just won a Bermuda-based case led by Patrice Lescodron. In late March, a Bermuda Supreme Court judge ruled that Bidzina Ivanishvili had lost $ 553 million in mismanagement through a Credit Suisse subsidiary in Bermuda. Credit Suisse has announced its intention to appeal.

At the judicial level, the case of Patrice Lescodron is not closed yet. Following the death of a former adviser, the prosecutor opened a separate lawsuit against the bank, the Swiss business news agency AWP revealed this week. For its part, Credit Suisse told AFP on Sunday that the bank believed its former employee had acted alone.

«All investigations into this case since 2015 by the criminal authorities of the bank, Finma (Swiss Markets Banking Supervisor, Editor’s note) have shown that the former client’s advisor was not assisted by other partners. in his criminal activities“, – stressed the Swiss group.