On 26 May, the Singapore International Commercial Court ruled that Credit Suisse should pay $926 million in damages to billionaire Bidzina Ivanishvili, the former prime minister of Georgia. The court ruled that the bank was negligent in allowing access to the assets of Patrice Lescaudron, an advisor to the Singapore-based trust.

Judge Patricia Bergin said the bank had placed extreme trust in Lescaudron. Bergin found that Credit Suisse knew Lescaudron was violating anti-fraud rules, but waited two years to respond to her request. The decision by the International Commercial Court of Singapore found that one of Credit Suisse's branches had failed to properly safeguard Bidzina Ivanishvili's assets and had been negligent.

Credit Suisse immediately announced that it would appeal the decision.
Notably, Lescaudron was convicted by a Swiss court in 2018 of forging the signatures of former clients, including Ivanishvili, for eight years. He admitted fraud and concealing financial losses. The fraudulent scheme was said to have netted him tens of millions of Swiss francs. Lescaudron was released from prison in 2019 and committed suicide in 2020.

Significantly, billionaire businessman Bidzina Ivanishvili, who became prime minister of Georgia in 2012-2013, invested $1.1 billion in Credit Suisse Trust in 2005. Ivanishvili's lawyers said that deficiencies in the work of the said trust led to fraud and embezzlement of large sums.

Read more about the controversy between the bank and Ivanishvili:

Credit Suisse Group Pays EUR 197 Million to Ivanishvili

Bidzina Ivanishvili Clashes with the Swiss Bank Credit Suisse