Russian oligarch demands CHF 500 million from Credit Suisse

19.06.2022, 15:3619.06.2022, 16:21

Credit Suisse is faced with a new multi-million dollar legal case. As the “Sonntagszeitung” writes, the Russian-born oligarch Vitaly Malkin is demanding 500 million francs from the big bank. The CS rejected allegations in connection with this case in a statement.

Malkin wants CS to compensate him for the losses he suffered from former controversial client advisor Patrice Lescaudron. Since the bank has not yet responded to his offer to talk, Malkin is putting pressure on CS with a debt enforcement, the report goes on to say.

Vitaly Malkin is demanding CHF 500 million from CS.Image: instagram/vmalkine

Like his former business partner, former Georgian Prime Minister Bidzina Ivanishvili, Malkin was looked after by CS customer advisor Patrice Lescaudron from Geneva. Lescaudron was sentenced to prison in 2018 for fraud and forgery. Two years later he took his own life.

Between 2007 and 2011, Lescaudron embezzled the equivalent of CHF 80 million from Iwanischwili alone in order to conceal losses in other customer accounts. In addition, he had diverted millions for himself.

Ivanishvili has sued CS in Bermuda and Singapore. At the end of March, a court in Bermuda awarded him $500 million in damages. The judges, like the Swiss financial market supervisory authority (Finma), came to the conclusion that Lescaudron had not been controlled enough by the bank.

Assets shrunk by around 600 million francs

Now Malkin is on the scene, who still does not know exactly what happened to his fortune, the Sunday newspaper continues. As documents available to the newspaper show, in 2007 Malkin invested a total of CHF 824 million in a complex asset structure. A year later it was around 600 million fewer.

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Where the money went and whether the extracts are correct at all remains unclear. Malkin urges CS to release more documents. Meanwhile, CS rejects all of Malkin’s allegations.

“Credit Suisse has been recognized by all judicial authorities as an aggrieved party in this matter,” CS said in a statement at the request of AWP. “In the criminal proceedings against the former customer advisor, it was determined that the former customer was not harmed by the criminal actions of the customer advisor.” (saw/sda/awp)

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