Jailhouse Hospital
Credit Suisse said in February that it suffered a 1.5 billion Swiss franc outflow of client funds in the fourth quarter related to potential litigation. People familiar with the situation said that withdrawal stemmed from Ivanishvili’s claims. The bank has set aside 250 million Swiss francs in provisions for litigation related to the banker’s case, a person familiar with the matter said.
This month, Ivanishvili’s lawyers filed a complaint with prosecutors alleging the bank’s negligence amounts to money laundering, harming their client. Credit Suisse said it continues to believe the banker was an isolated case.
The banker remains in the hospital of Geneva’s Champ-Dollon prison. A judge has rejected his request for bail, since as a French citizen, he could flee across the border and avoid extradition. His lawyer is seeking to have him released and moved to a civilian hospital for treatment.
“The clients and the bank made a lot of money and we never heard them complain,” Ntah, the lawyer, said. “Now the markets have reversed, everyone is saying they didn’t know what was going on.”