The IMF boss convicted of negligence – Dagens Næringsliv

Foreign

IMF chief Christine Lagarde is guilty of negligence, but she imposed no further penalties.

Published: 19.12.2016 — 20:03 Updated: 19.12.2016 — 20:03

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the head of The international monetary fund (IMF), Christine Lagarde (60), by a court in the country of France found guilty of involuntary manslaughter to be paid out 404 million euro (barely four billion) to a controversial financier.

But Lagarde imposed neither a fine or have to go to prison for the offence she now is doomed for.

Soccer-billionaire

the Issue type back to 2008, when Lagarde was French finance minister. She approved then the payout on the well 400 million euros to the financier Bernard Tapie, according to the BBC.

Tapie got the money as compensation after it was brokered a settlement with the French state storbanken Credit Lyonnaise, as he had been in a prolonged conflict.

Tapie was at this time the majority shareholder in the German sportsutstyrselskapet Adidas. When he went into François Mitterands government in 1992, he had to get rid of the majority of their business interests of habilitetsgrunner. Credit Lyonnaise was responsible for the practical sale, and everything in 1993, the defendant Tapie bank for alleged fraud.

Tapie is best known as the owner of the French football club Olympique Marseille at the beginning of the 1990s. In 1993, during his presidenttid, the club was the first winner of the Champions League. But all the year after he had to resign after allegations of corruption and kampfiksing, something he was sentenced to imprisonment for.

Tapie was in the last year, after eight years of legal gjørmebryting, ordered to pay back the money that Lagarde in his time paid to him.

In absentia

Lagarde was not even present when the court in Paris sentenced her for misconduct, but was in Washington, where the IMF headquarters are located.

It was never suspected that Lagarde had enriched themselves through the Tapie agreement. But she was still convicted of negligent handling of public funds. Even have Lagarde constantly saying that she acted in good faith.

Lagarde took over as IMF chief in 2011 when her predecessor, Dominique Strauss-Kahn had to resign after a sex scandal.

another former IMF-chief, the Spanish Rodrigo Rato, is in these days in court to defend himself against claims of illegal misuse of money when he was the commander of the Spanish storbanken Bankia.