Bloomberg updated its Billionaire Index according to which Bidzina Ivanishvili is the world’s 307th richest citizen.
Ivanishvili’s assets are worth more than 4.8 billion USD. The 61-year-old billionaire got 350 million USD richer in 2017.
According to Bloomberg, the former Prime Minister of Georgia and founder of the Georgian Dream party owns bank accounts with 4.75 billion USD overall. He also owns an art collection worth 1 billion USD.
Currently the courts of Switzerland, Bermuda, Singapore and New Zealand are holding a hearing of a lawsuit from Credit Suisse against Bidzina Ivanishvili.
Ivanishvili is accused of money laundering and forgery.
According to the Georgian businessman, the actions of a Credit Suisse client adviser, who allegedly managed investments without Ivanishvili’s consent and carried out unauthorized trading, have cost him over $100 million. Ivanishvili’s lawyers are claiming the wrongdoing took place over several years.
The accused banker was arrested and is facing up to 10 years in prison. He initially denied making financial decisions without Ivanishvili’s consent and even recalled being asked to make risky transactions by the Georgian businessman. However, his lawyer later stated the banker has ‘acknowledged his responsibility, wants to be judged, and move on’.
Ivanishvili served as Prime Minister from October 2012 and stepped down after one year in office. He made his fortune during the 1990s in post-Soviet Russia before moving back to Georgia in 2003.