The Russian businessman asks the Swiss bank for 500 million Swiss francs

Updated 06/19/2022 13:38

  • A Russian businessman is suing large bank Credit Suisse for compensation for losses allegedly caused by a financial advisor.
  • He asks for 500 million Swiss francs (491 million euros).
  • The bank denies the allegations.

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A Russian businessman sued the large 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. At the request of the AFP news agency, the big bank denied all allegations.

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 Russian businessman is seeking compensation from the large Swiss bank

The entrepreneur is a former business partner of former 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.

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 noted on Sunday. The bank itself is one of the victims of the affair. (AFP / okb)

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