US based, Wall Street Journal publishes an article saying Georgian businessman and former Prime Minister claims Swiss private banker caused significant losses to his portfolio.
According to them Ivanishvili is pursuing a legal claim in Geneva that his Credit Suisse relationship manager, or private banker, mishandled his portfolio and caused significant losses.
As the article writes, businessman realized something was amiss last year during an “avalanche” of margin calls, or requests that clients inject cash into their accounts to cover losses, according to his attorney, Marc Henzelin. Mr. Ivanishvili filed a pair of criminal complaints with Geneva’s public prosecutor in December and January, alleging fraud and mismanagement.
The former Credit Suisse relationship manager at the center of the legal flap,Patrice Lescaudron, is now in police custody in Geneva, according to his attorney, Simon Ntah.The bank filed a criminal complaint against him in December, accusing him of misconduct. Mr. Lescaudron hasn’t been charged.
This Credit Suisse launched an internal investigation into its former relationship manager’s handling of Mr. Ivanishvili’s account last September. The following month, the bank flagged the issue as potential legal complication in its third-quarter report, but did not offer details. “There is very little we can say publicly about that situation,” Mr. Thiam said during a recent media briefing.