Credit Suisse denies a $515 million claim related to a sham adviser

• Credit Suisse rejects a claim by a Russian businessman for $515.62 million.
• Vitaly Malkin linked money to a former client adviser who was convicted of fraud.
• Bank says the former client did not suffer from Patrice Lescaudron’s criminal activities.
• Credit Suisse intends to appeal the 2018 verdict.
Advertisement

Credit Suisse (CSGN.S) on Sunday dismissed a case by Russian money manager Vitaly Malkin for 500 million francs ($515.62 million) he connected to a previous client consultant at the bank who was indicted for misrepresentation.

The SonntagsZeitung announced that Malkin was chasing after the bank for the cash following the conviction of Patrice Lescaudron.

A Geneva court in 2018 condemned Lescaudron to five years of detainment for manhandling the trust of clients and setting up a deceitful plan that brought him a huge number of francs.

Read more: Workers at an Apple store in Maryland have voted to unionise, first in US

Answering the paper report distributed on Sunday, Credit Suisse said in a proclamation: “Acknowledge Suisse was perceived as the oppressed party by all criminal specialists seized with this.”

“The criminal procedures against the previous relationship supervisor demonstrated that the previous client experienced no harm coming about the relationship administrator’s crimes,” the bank added.

“Credit Suisse dismisses the client’s all’s claims.”

Malkin couldn’t promptly be gone after the remark.

A Bermuda court decided in March that previous Georgian Prime Minister Bidzina Ivanishvili and his family are expected to harm “significantly in overabundance of $500 million” from Credit Suisse’s neighborhood life coverage arm because of misrepresentation committed by Lescaudron.

The bank has said it means to pursue the decision.

Judge Alexandra Banna said at Lescaudron’s 2018 condemnation that he was at real fault for serious misrepresentation and phony in his treatment of previous clients, including Ivanishvili and Malkin, “over an extremely extensive stretch of eight years”.

Lescaudron conceded in court to having distorted exchanges and secret mounting misfortunes.