BIDZINA IVANISHVILI & 4 Ors v CREDIT SUISSE TRUST LIMITED

Q: Which legislation does [2023] SGHC(I) 9 consider?

The judgment refers to Trustees Act (Cap 337). The statutes cited are listed in full on this page, each linking to its primary text.

[2023] SGHC(I) 9 Singapore International Commercial Court 26 May 2023 SIC/S 4/2021 278 min read

13 cases cited (4 SG, 9 foreign) Cited by 2 cases

Key facts

Court	Singapore International Commercial Court
Decided	26 May 2023
Judge	Patricia Bergin
Charges / claim	Trusts
Counsel	Allen & Gledhill LLP, Drew & Napier LLC, Rajah & Tann Singapore LLP, Afzal Ali, Cavinder Bull, Disa Sim, Fiona Chew Yan Bei, Gan Yun Han Rebecca, Gerald Paul Seah Yong Sing, Justin William Jeremiah, Kelly Tseng Ai Lin, Kenneth Lim Tao Chung, Lee Eng Beng, Liang Fang Ling Elisabeth, Mak Sushan Melissa, Tan Yuan Kheng, Torsten Cheong, Wong Pei Ting, Woo Shu Yan, Yeow Yuet Cheong

Source: [2023] SGHC(I) 9, Singapore International Commercial Court, decided 26 May 2023 — eLitigation. Updated 10 July 2026.

Catchwords

Trusts — Trustees — Duties Trusts — Breach of trust — Extent of liability

Practice Areas

Trusts

Judges (1)

Patricia Bergin Delivered

Counsel (20)

Parties (6)

Credit Suisse Trust Limited Defendant Bera Ivanishvili Plaintiff Bidzina Ivanishvili Plaintiff Ekaterine Khvedelidze Plaintiff Gvantsa Ivanishvili Plaintiff Tsotne Ivanishvili Plaintiff

Case Significance

Ivanishvili, Bidzina and others v Credit Suisse Trust Ltd [2023] SGHC(I) 9 is a reserved judgment of Patricia Bergin IJ in the Singapore International Commercial Court, delivered on 26 May 2023 in Suit No 4 of 2021. The plaintiffs, led by Bidzina Ivanishvili, alleged breach of trust by Credit Suisse Trust Limited concerning "The Mandalay Trust", into which over US$1.1 billion was deposited from 2004 for inheritance planning and asset holding through corporate vehicles Meadowsweet Assets Limited, Soothsayer Limited and Lynden Management Ltd. The dispute arose after a relationship manager of the associated bank, Mr Patrice Lescaudron, was found to be a fraudster who misappropriated assets over some nine years, and the case addressed the trustee's duties and the extent of liability for breach of trust.

[2023] SGHC(I) 9 explained

BIDZINA IVANISHVILI & 4 Ors v CREDIT SUISSE TRUST LIMITED ([2023] SGHC(I) 9) is a Singapore judgment decided by the Singapore International Commercial Court on 26 May 2023. It is categorised under Trusts. Within this corpus it has since been cited by 2 other reported Singapore judgments, a measure of how often later decisions have referred to it. This page summarises what the reported decision covers and links the primary sources — the full judgment, the statutes it cites, and the other cases it engages with — so the decision can be read in context. It is reference information, not legal advice, and it does not state the outcome or any holding beyond what the official judgment records.

What is [2023] SGHC(I) 9 about?

BIDZINA IVANISHVILI & 4 Ors v CREDIT SUISSE TRUST LIMITED ([2023] SGHC(I) 9) is a Singapore International Commercial Court decision from 2023. Its published catchwords are “Trusts — Trustees — Duties” and “Trusts — Breach of trust — Extent of liability”, which indicate the subject matter the judgment addresses. The full reasoning and orders are in the judgment itself, linked below.

Which legislation does [2023] SGHC(I) 9 consider?

The judgment refers to Trustees Act (Cap 337). The statutes cited are listed in full on this page, each linking to its primary text.

What earlier Singapore cases does [2023] SGHC(I) 9 cite?

Among the in-corpus authorities it refers to are [2023] SGCA(I) 2. The complete list of cases cited, and of later cases that cite this decision, is shown on this page.

How influential is [2023] SGHC(I) 9?

Within this corpus, [2023] SGHC(I) 9 has been cited by 2 later reported Singapore judgments. That count reflects references from other decisions held in this corpus only and is a conservative lower bound on how often the case has actually been cited.

What was Ivanishvili v Credit Suisse Trust Ltd [2023] SGHC(I) 9 about?

Patricia Bergin IJ, sitting in the Singapore International Commercial Court, considered claims by Bidzina Ivanishvili and others that Credit Suisse Trust Limited breached its duties as trustee of The Mandalay Trust, into which over US$1.1 billion had been deposited. Delivered 26 May 2023.

What role did Patrice Lescaudron play in Ivanishvili v Credit Suisse Trust Ltd [2023] SGHC(I) 9?

Mr Patrice Lescaudron was the trust's relationship manager at the associated Credit Suisse bank and was found to be a fraudster who, over about nine years, misappropriated assets, giving rise to the plaintiffs' breach of trust claims against Credit Suisse Trust Limited.