IMF chief Christine Legarde convicted by French court over Tycoon payout

IMF chief Christine Legarde convicted by French court over Tycoon payout

IMF chief Christine Legarde convicted by French court over Tycoon payout

Written by Staff Writer

19 Dec, 2016 | 8:29 pm

A French court on Monday found International Monetary Fund (IMF) chief Christine Lagarde guilty of negligence over a 400 million Euro payout to a business tycoon in 2008 but ruled that she would not be penalised, foreign media reports said.

According to media reports, Legarde as French finance minister in 2008 had approved a payout of 404 million Euro ($417 million) to businessman Bernard Tapie for the disputed sale of a firm. The judges found Legarde guilty of negligence for failing to challenge the payout, an accusation she has denied.

Despite the ruling, the judges did not hand down any sentence in the case on her decision. Legarde’s lawyers are looking to appeal the court verdict, media reports said.

The ruling against Legarde risks triggering a new leadership crisis at the International Monetary Fund. Reuters reported that the IMF board is likely to meet shortly to consider today’s court ruling.

Christine Legarde’s predecessor, Dominique Strauss Khan resigned in 2011 over a sex assault scandal.

Image courtesy: tg24.sky.it

 

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