Home Business Millionaire Vitaly Malkin sues Credit Suisse for losing nearly €500 million

Millionaire Vitaly Malkin sues Credit Suisse for losing nearly €500 million

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Russian millionaire Vitaly Malkin and his former business partner and ex-Georgian Prime Minister Bidzina Ivanishvili have decided to sue Credit Suisse bank for losses of 500 million Swiss francs (€491 million), according to Le Figaro, citing the German newspaper Sonntagzeitung. . Businessman Malkin claims that he suffered losses due to the fraudulent operations of the former financial adviser of the bank. In the 1990s, Vitaly Malkin managed the Agroprogress cooperative. In 1991, together with partners, he registered the Russian Credit Bank. In 2021, Forbes estimated his fortune at $650 million. Sonntagzeitung reports that Vitaly Malkin, who now lives in Monaco, instructed the American firm Quinn Emanuel to sue Credit Suisse in a case involving former bank manager Patrice Lescaudron. He is accused of fraud with the assets of clients, among whom were Messrs. Ivanishvili and Malkin. “Credit Suisse denies all allegations,” the bank told AFP. Patrice Lescaudron is said to… .

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