Banks Georgian billionaire Ivanishvili also wants to sue Julius Baer
Following his legal dispute with Credit Suisse, the Georgian billionaire and party leader Bidzina Ivanishvili is now also targeting the private bank Julius Baer. His lawyers are accusing the bank of "political blackmail" and want to initiate legal proceedings.
23.01.2025, 11:30
SDA
A large proportion of the assets that Ivanishvili received back from Credit Suisse were transferred to Julius Baer, according to a press release issued by the Georgian lawyers at the beginning of the week. In recent months, however, the bank had withheld information on accounts and threatened to terminate the client relationship due to his status as a "Politically Exposed Person" (PEP).
When asked by AWP on Thursday, Bank Julius Baer refused to comment: "As a matter of principle, we do not comment on alleged or actual client matters," said a spokeswoman, after the online portal "Tippinpoint" had already reported on the threat of legal action on Thursday.
Detrimental actions
According to the media release from Ivanishvili's lawyers, the bank failed to take action after various hedge funds failed to meet deadlines for the repayment of funds. The Georgian billionaire now suspects the bank of acting "in a coordinated manner" with the hedge funds to his disadvantage.
In December 2024, the bank then threatened to close Ivanishvili's accounts due to his status as a politically active person. Julius Baer also misinterpreted the US sanctions to its own advantage and stated that the billionaire and his family would be subject to them, according to the allegations.
New CS civil lawsuits in Switzerland
Ivanishvili had been litigating for years against Credit Suisse, which has since been taken over by UBS. He had been a client of the fraudulent Geneva-based CS advisor Patrice Lescaudron, who had diverted large sums from the assets under his management from 2011 onwards, including from Ivanishvili. In proceedings in Bermuda, CS was ordered to pay 600 million dollars in 2023, while a court in Singapore awarded the billionaire a payment of around 740 million dollars.
Ivanishvili's lawyers in Switzerland now apparently want to consider initiating further civil proceedings. According to a statement from the legal team, this will involve the reimbursement of sums that were not included in the proceedings in Singapore and Bermuda.
The Georgian billionaire is also the founder of the national-conservative ruling party "Georgian Dream", which was declared the winner after the controversial parliamentary elections in October 2024. The party sparked major protests when it put EU accession negotiations on hold until 2028.
