A large portion of the money repaid by Credit Suisse was transferred to the private Swiss bank, Julius Baer to be reinvested in three hedge funds.
According to its agreement with Ivanishvili it falls upon Julius Baer to ensure the hedge funds meet their obligations.
The court in Singapore ordered Credit Suisse to pay around $500m in damages, finding that the bank had failed to protect Ivanishvili’s funds.
Unable to obtain any guidance or explanation from the bank, he believes Julius Baer and the hedge funds are acting together, against his interests.
Long accused of behaving in an idiosyncratic manner, currying favour with foreign potentates and rulers, respecting different paymasters, operating behind a veil of secrecy, Switzerland’s finest would appear to be are still up to their old tricks, certainly where the case of Bidzina Ivanishvili is concerned.
