Ivanishvili v Credit Suisse: Stay of Execution Pending Appeal in Trust Dispute
In Ivanishvili, Bidzina and others v Credit Suisse Trust Limited, the Singapore International Commercial Court addressed an application by the defendant, Credit Suisse Trust Limited, for a stay of execution of the Merits Judgment and the Quantum Judgment pending appeal. The plaintiffs, Bidzina Ivanishvili, Ekaterine Khvedelidze, Tsotne Ivanishvili, Gvantsa Ivanishvili, and Bera Ivanishvili, opposed the application, but were prepared to consent to a stay if the defendant paid the judgment sum, costs, and interest into court. The court granted the stay on the condition that Credit Suisse Trust Limited pays the judgment sums plus post-judgment interest into court within 21 days.
1. Case Overview
1.1 Court
Singapore International Commercial Court1.2 Outcome
Stay of the judgments granted on the condition that the defendant pays into Court the full amount of the judgment sums plus post-judgment interest.
1.3 Case Type
Civil
1.4 Judgment Type
Oral Judgment
1.5 Jurisdiction
Singapore
1.6 Description
Stay of execution application in Ivanishvili v Credit Suisse trust dispute. Court orders payment into court as condition for stay pending appeal.
1.7 Decision Date
2. Parties and Outcomes
| Party Name | Role | Type | Outcome | Outcome Type | Counsels |
|---|---|---|---|---|---|
| Credit Suisse Trust Limited | Defendant, Applicant | Corporation | Stay of execution granted on condition | Partial | |
| Bidzina Ivanishvili | Plaintiff | Individual | Stay of execution granted on condition | Partial | |
| Ekaterine Khvedelidze | Plaintiff | Individual | Stay of execution granted on condition | Partial | |
| Tsotne Ivanishvili | Plaintiff | Individual | Stay of execution granted on condition | Partial | |
| Gvantsa Ivanishvili | Plaintiff | Individual | Stay of execution granted on condition | Partial | |
| Bera Ivanishvili | Plaintiff | Individual | Stay of execution granted on condition | Partial |
3. Judges
| Judge Name | Title | Delivered Judgment |
|---|---|---|
| Patricia Bergin | International Judge | Yes |
4. Counsels
4. Facts
- The defendant applied for a stay of the Court’s judgment delivered on 26 May 2023 and 19 September 2023.
- The defendant was ordered to pay a sum of US$742.73m plus interest and costs of S$7,298,893.43 plus interest.
- The defendant has filed an appeal, which is probably to be heard around the first week of April 2024.
- The plaintiffs were prepared to consent to a stay of execution of the judgments if the applicant pays into Court the judgment sum, costs and interest.
- The defendant's position is that it is prepared to furnish security to cover the entire judgment sum by way of an on-demand bank guarantee issued by UBS AG or payment into an escrow account.
- Orders have been made that there is to be no double recovery in respect of damages in this suit and the Bermuda proceedings.
5. Formal Citations
- Ivanishvili, Bidzina and others v Credit Suisse Trust Ltd, Suit No 4 of 2021 (Summons No 33 of 2023), [2023] SGHC(I) 19
6. Timeline
| Date | Event |
|---|---|
| Merits Judgment delivered | |
| Quantum Judgment delivered | |
| Mr Martin Eichmann filed affidavit | |
| Mr Martin Eichmann filed affidavit | |
| Mr Vasil Bibilashvili filed affidavit | |
| Mr William Bowring filed affidavit | |
| Mr James Nicholson filed report | |
| Sarah Caroline Rees sworn affidavit | |
| Sarah Caroline Rees sworn affidavit | |
| Oral Judgment delivered | |
| Appeal probably to be heard around the first week of April 2024 |
7. Legal Issues
- Stay of Execution of Judgment Pending Appeal
- Outcome: The court granted a stay of execution of the judgments on the condition that the defendant pays into Court the full amount of the judgment sums plus post-judgment interest.
- Category: Procedural
8. Remedies Sought
- Stay of execution of judgment pending appeal
9. Cause of Actions
- No cause of actions
10. Practice Areas
- Commercial Litigation
11. Industries
- Finance
12. Cited Cases
| Case Name | Court | Affirmed | Citation | Jurisdiction | Significance |
|---|---|---|---|---|---|
| Ivanishvili, Bidzina and others v Credit Suisse Trust Limited | Singapore International Commercial Court | Yes | [2023] SGHC(I) 9 | Singapore | Cited as the Merits Judgment for which a stay of execution is sought. |
| Ivanishvili, Bidzina and others v Credit Suisse Trust Limited | Singapore International Commercial Court | Yes | [2023] SGHC(I) 14 | Singapore | Cited as the Quantum Judgment for which a stay of execution is sought. |
| CPIT Investments Ltd v Qilin World Capital Ltd and another | N/A | Yes | [2017] 5 SLR 148 | Singapore | Cited regarding the concurrent jurisdiction of the Court of Appeal and the Singapore International Commercial Court to hear applications for a stay of a judgment. |
| Hyflux Ltd (in compulsory liquidation) and others v Lum Ooi Lin | N/A | Yes | [2023] SGHC 113 | Singapore | Cited in support of the defendant's submissions that a bank guarantee, or alternatively, the escrow account, is adequate security in this instance. |
| Turf Club Auto Emporium Pte Ltd and others v Yeo Boong Hua and others and another appeal and other matters | Court of Appeal | Yes | [2017] SGCA 21 | Singapore | Cited in respect of the approach adopted by the Chief Justice in delivering the judgment of the Court, in support of their submission that payment into Court provides certainty of the outcome in respect of the monies. |
13. Applicable Rules
| Rule Name |
|---|
| No applicable rules |
14. Applicable Statutes
| Statute Name | Jurisdiction |
|---|---|
| Rules of Court (2014 Rev Ed) O 57 r 16(4) | Singapore |
| Rules of Court (2021 Rev Ed) O 18 r 35(2) | Singapore |
| Rules of Court O 110 r 53 | Singapore |
15. Key Terms and Keywords
15.1 Key Terms
- Stay of execution
- Bank guarantee
- Escrow account
- Payment into court
- Security for costs
- Double recovery
15.2 Keywords
- Stay of execution
- Appeal
- Trust
- Credit Suisse
- Singapore International Commercial Court
17. Areas of Law
16. Subjects
- Civil Procedure
- Stay of Execution
- Trusts