Ex Credit Suisse Banker files $86 million appeal in London after Romanian espionage conviction

A former Credit Suisse banker, who was convicted and sentenced to prison in Romania for 10 years for alleged espionage in 2013, has filed an appeal of $86 million in London against the bank for lost earnings.

Vadim Benyatov, a former head of European emerging markets focused on energy sector privatizations, has asked the Court of Appeal to overturn a lower court decision to dismiss his case, in which he alleges the Swiss bank owes him a duty of care and that his employment contract implied a considerable indemnity, Reuters reported.

A lawyer acting for Benyatov told the court on Oct. 11 that his client, who was made redundant in 2015 and has been unable to find suitable work since then due to the convicting. .

„Mr Benyatov was an employee of Credit Suisse who, as a direct result of doing his job and through no fault of his own was convicted in Romania for doing his work,” Charles Ciumei was quoted as saying.

„The impact of that conviction was to end his career in the financial services industry.”

Credit Suisse said it would continue to defend itself against a „meritless” claim.

Benyatov, who earned 450,000 pounds plus bonuses per year, was arrested alongside two colleagues in 2006 in connection with a Romanian privatization. He was jailed for 56 days before being tried and convicted in 2013 in absentia for alleged espionage and membership of an organized criminal group.

Credit Suisse, which originally agreed his conduct had been in line with accepted business practice, supported and paid for his defense, including to the European Court of Human Rights. His sentence was reduced in 2015.

In 2015, he fled to the United States to avoid a European Arrest Warrant. He has not served his sentence.

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