Credit Suisse rejects $515 million claim linked to fraudulent adviser By Reuters

ZURICH (Reuters) – Credit rating Suisse on Sunday rejected a declare by Russian businessman Vitaly Malkin for 500 million francs ($515.62 million) he linked to a former client adviser at the bank who was convicted of fraud.

The SonntagsZeitung reported that Malkin was pursuing the lender for the dollars adhering to the conviction of Patrice Lescaudron.

A Geneva courtroom in 2018 sentenced Lescaudron to 5 many years imprisonment for abusing the rely on of shoppers and putting in area a fraudulent scheme that introduced him tens of millions of francs.

Responding to the newspaper report posted on Sunday, Credit rating Suisse claimed in a statement: “Credit Suisse was recognised as the aggrieved bash by all felony authorities seized with this make any difference.”

“The felony proceedings against the previous partnership manager founded that the former client did not undergo any damages resulting from the relationship manager’s felony activities,” the financial institution extra.

“Credit rating Suisse rejects all of the client’s allegations.”

Malkin could not quickly be achieved for remark.

A Bermuda courtroom ruled in March that previous Georgian Prime Minister Bidzina Ivanishvili and his household are thanks damages “substantially in excess of $500 million” from Credit score Suisse’s nearby everyday living insurance arm thanks to fraud committed by Lescaudron.

The bank has said it intends to attractiveness the verdict.

Choose Alexandra Banna reported at Lescaudron’s 2018 sentencing that he was responsible of severe fraud and forgery in his dealing with of former clientele, including Ivanishvili and Malkin, “above a very long period of 8 a long time”.

Lescaudron admitted in court docket to possessing falsified trades and concealed mounting losses.

($1 = .9697 Swiss francs)