Former Georgian prime minister Bidzina Ivanishvili failed in an attempt to sue Credit Suisse Bank in Singapore as he seeks to recover hundreds of millions of dollars lost by a Credit Suisse banker.
Mandalay Trust, whose beneficiaries are Ivanishvili, his wife and three children, is registered in Singapore. In 2005, Ivanishvili transferred $US550 million from Mandalay Trust to a Credit Suisse branch in Singapore.
These Ivanishvili holdings were found in the Panama Papers.
Credit Suisse is based in Switzerland, and its investment banker Patrice Lescaudron is currently free after serving 10 months of a five-year prison term for fraud. Ivanishvili filed suits in Switzerland, New Zealand, Bermuda and Singapore to get back money that Lescaudron lost while investing for him.
The Singapore Strait Times reports that a Singapore judge refused the hear a lawsuit, ruling that since Credit Suisse is based in Switzerland and the fraud occurred in Switzerland, the case should be decided by a Swiss court.