BIDZINA IVANISHVILI & 4 Ors v CREDIT SUISSE TRUST LIMITED

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

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)

Allen & Gledhill LLP Firm Drew & Napier LLC Firm Rajah & Tann Singapore LLP Firm Afzal Ali Counsel for the defendant Cavinder Bull Counsel for the plaintiff Disa Sim Counsel for the defendant

Fiona Chew Yan Bei Counsel for the plaintiff

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.

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.