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Credit Suisse logo in Zurich: Anger at ex-advisor
Photo: ENNIO LEANZA / EPA
A Russian-born oligarch has sued the major Swiss bank Credit Suisse for 500 million Swiss francs (491 million euros) in compensation for losses allegedly caused by a financial advisor.
As the Swiss Sunday newspaper reports, Monaco-based businessman Vitaly Malkin hired a US law firm to represent him in the legal dispute with Credit Suisse.
The major bank rejected all allegations on request.
According to the report, Malkin wants to be compensated by Credit Suisse for the losses he is said to have suffered from a former client advisor.
Since the bank has not yet responded to his offer to talk, the businessman now wants to increase the pressure, it said.
A Credit Suisse financial advisor was sentenced to five years in prison in 2018 for embezzling client funds and committed suicide two years later.
According to the newspaper report, one of the injured customers is Malkin.
To this day, he does not know exactly what happened to his assets, the Sunday newspaper continues.
The newspaper cites documents that in 2007 Malkin invested a total of CHF 824 million in a complex asset structure.
A year later, it was around 600 million fewer.
According to the report, Malkin wants more documents from the bank.
This, in turn, rejects all allegations.
Malkin is a former business partner of former Prime Minister Bidzina Ivanishvili of Georgia.
Ivanishvili was recently awarded millions in compensation by a court in Bermuda for losses in connection with the Credit Suisse financial advisor.
The bank announced an appeal.
All investigations into the case since 2015 have shown that the financial advisor acted alone and had no support for his "criminal activities" within the bank, Credit Suisse emphasized on Sunday.
The bank itself is one of the victims in the affair.
mmq/dpa-AFX/AFP
