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Dec
2016
Tuesday 20th
posted by Morning Star in World

A FRENCH court convicted International Monetary Fund boss Christine Lagarde of negligence yesterday for her role in a controversial arbitration payout to tycoon Bernard Tapie in 2008.

Mr Tapie received €403 million (£340m) in compensation over the sale of sportswear maker Adidas in the 1990s.

The tycoon — who disposed of his Adidas share to avoid conflict of interest when he became a minister — complained that he had been defrauded by the partly state-owned Credit Lyonnais bank, which resold at a profit shares bought from him.

The scale of the payout aroused outrage and was subsequently set aside by civil courts.

Ms Lagarde received no punishment other than the guilty verdict, but the IMF said yesterday that its executive board would meet soon “to consider the most recent developments.”

She could have been landed with a €15,000 (£12,600) fine and up to a year in jail.




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