500 million francs requested: Russian oligarch sues Credit Suisse

500 million Swiss francs requested
The Russian oligarch is suing Credit Suisse

Switzerland has long been considered a safe haven for Russian money. However, a Munich-based oligarch came across a criminal counsel from the institute. While the perpetrator is no longer alive, the millionaire wants his money back. The bank sees it differently.

A Russian oligarch is suing leading Swiss bank Credit Suisse for 500 million Swiss francs (491 million euros) as compensation for losses allegedly caused by a financial advisor. As reported by the Swiss “Sonntagszeitung”, Munich-based Russian billionaire Vitaly Malkin has hired a US law firm to represent him in the legal dispute with Credit Suisse. The main bank dismissed all charges upon request.

A Credit Suisse financial advisor was sentenced to five years in prison in 2018 for misappropriating client funds and committed suicide two years later. According to the newspaper, one of the injured customers is Malkin.

The oligarch is a former business partner of former Georgian Prime Minister Bidzina Ivanishvili. Ivanishvili recently received millions in compensation from a Bermuda court for losses in relation to the Credit Suisse financial adviser. The bank has announced an appeal.

The bank considers itself a victim

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 pointed out. The bank itself is one of the victims of the affair.

Crisis-plagued Credit Suisse made negative news for the last time in February: According to an international research association, it has accepted corrupt autocrats, suspected war criminals, human traffickers, drug dealers and other criminals for many years . According to the New York Times, the documents provide information on the accounts of more than 30,000 customers around the world and suggest that the bank has failed to audit many customers. Credit Suisse has denied all allegations. Most of the accounts had also been closed for some time.

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