A Russian oligarch has sued Credit Suisse for CHF 500 million. The millionaire living in Monaco has come across a criminal adviser to the institute.
A Russian oligarch has sued the major Swiss bank Credit Suisse for 500 million Swiss francs (491 million euros) in compensation for losses allegedly caused by a financial advisor. As the Swiss “Sonntagszeitung” reported, the Monaco-based Russian millionaire Vitaly Malkin commissioned a US law firm to represent him in the legal dispute with Credit Suisse. At the request of the AFP news agency, the major bank rejected all allegations.
A Credit Suisse financial advisor was sentenced to five years in prison in 2018 for embezzling client funds and committed suicide two years later. According to the newspaper report, one of the injured customers is Malkin.
The oligarch is a former business partner of former Georgian Prime Minister Bidzina Ivanishvili. Ivanishvili was recently awarded millions in compensation by a court in Bermuda for losses in connection with the Credit Suisse financial advisor. The bank announced an appeal.
All investigations into the case since 2015 have shown that the financial advisor acted alone and had no support for his “criminal activities” within the bank, Credit Suisse emphasized on Sunday. The bank itself is one of the victims in the affair.