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Credit Suisse Trust Admits It Didn’t Flag Rogue Transfers

Bidzina Ivanishvili

Bidzina Ivanishvili

Photographer: Daro Sulakauri/Bloomberg

Updated on

A Credit Suisse Group AG trust admitted it didn’t let its billionaire client find out about unauthorized transfers from his accounts, within an unexpected move that could shape the results of a Singapore trial on the units potential liability for losses linked with a rogue banker.

On the first nine days of the trial, Lee Eng Beng, the lead lawyer for Credit Suisse Trust (Singapore) Ltd., had argued that its responsibility was limited by administration of the assets owned by Bidzina Ivanishvili and that it had been the tycoon, or his Georgian business adviser, who called the shots on investment decisions and really should be responsible for any losses.

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