Credit Suisse’s Singapore trust unit admitted it broke its duties when a private banker defrauded a prominent client over years.
Former Georgian prime minister Bidzina Ivanishvili is suing the Credit Suisse
unit in Singapore for around $800 million. The unit on Friday conceded to the court that by the end of 2008 it should have probed unauthorized trades made from trust accounts by the Credit Suisse private banker, Patrice Lescaudron.
The admission could add to soaring legal charges at Credit Suisse as it undergoes a costly restructuring under new management. A Bermuda court ordered a Credit Suisse life insurance unit to pay more than $600 million over its handling of another Ivanishvili trust earlier this year.
Arguments in the Singapore case are meant to wrap up this month, with a verdict expected in early 2023.