IMF’s Christine Lagarde found guilty of negligence
International Monetary Fund Managing Director Christine Lagarde was found guilty of negligence by a French court, Bloomberg News reported.
Published: December 20, 2016, 10:25 am
The judges on the French court said that Lagarde should have done more to overturn a 285 million-euro payout to a businessman in an arbitration case during her time as French finance minister.
It was Lagarde who made the decision almost a decade ago, and ordered the case to be heard by an arbitration panel instead of proceeding through the regular courts.
By doing so, Lagarde ensured that tycoon Bernard Tapie received preferential treatment by referring the matter to arbitration as a quid pro quo for his financial support for Nicolas Sarkozy during his 2007 presidential bid.
The 60-year-old IMF chief won’t face a fine or prison term, however, Judge Martine Ract Madoux said Monday in Paris.
The verdict might derail the career of the woman who had committed, according to the court “an array of faults which by their number and gravity went beyond simple negligence”.
The IMF has stood by Lagarde in the case, but speculation persists that the organisation may force her to resign to limit any damage to its reputation.
Her disgraced predecessor, fellow-Frenchman Dominique Strauss-Kahn, stood down as IMF managing director because of sexual assault charges.
Another former IMF head, Rodrigo Rato of Spain, is currently standing trial on charges of misusing funds when he was head of Spanish lender Bankia.
All rights reserved. You have permission to quote freely from the articles provided that the source (www.freewestmedia.com) is given. Photos may not be used without our consent.
Keep your language polite. Readers from many different countries visit and contribute to Free West Media and we must therefore obey the rules in, for example, Germany. Illegal content will be deleted.
If you have been approved to post comments without preview from FWM, you are responsible for violations of any law. This means that FWM may be forced to cooperate with authorities in a possible crime investigation.
If your comments are subject to preview by FWM, please be patient. We continually review comments but depending on the time of day it can take up to several hours before your comment is reviewed.
We reserve the right to delete comments that are offensive, contain slander or foul language, or are irrelevant to the discussion.
LondonAround 8 000 to 10 000 protesters gathered on Saturday, July 14, in London to show support and send a clear message to British politicians and lawmakers in the country: Free Tommy Robinson. The rally was subjected to extensive police surveillance.
HelsinkiThe US president Donald Trump, is busy dismantling the global order single-handedly. In the past few weeks, Trump has confused his NATO allies, insulted the UK and called the EU - probably his closest ally - a "foe". And he has just met with the Russian president, accused of "meddling" in US affairs.
PragueThe Czech Republic does not want any of the 450 migrants rescued from a migrant vessel in the Mediterranean on Saturday, and neither does Italy. The Czech president called the EU's latest shared responsibility plan "a road to hell".
ParisCelebrations in Paris after France's World Cup victory on Sunday turned ugly. While winning the event should have been good for the country's morale, the riots that followed suggested otherwise.
The NGO Save the Children, which was last year accused of working with human trafficking gangs smuggling migrants into Europe, has been exposed as yet another charity behind raping children in need.
AmsterdamAmsterdam lost its mayor Eberhard van der Laan when he died last year. A new mayor has been appointed, which does not bode well for the city: Femke Halsema. She was the leader of GreenLeft until recently.
BrusselsA party whose aim is to create an Islamic State in Belgium, is hoping to win seats in Belgium's municipal elections, scheduled to take place on 14 October this year. Two members of the Islam Party were elected in 2012, including one in the notorious Molenbeek area of Brussels. This year, the party hopes to win in 28 municipalities in all.
BrusselsChancellor Merkel has rejected US President Donald Trump's allegation of political dependence on Russia. Germany could "make its own policy and make its own decisions," said Merkel on her arrival at the NATO summit in Brussels.
The HagueA reporter from Dutch broadcaster NOS contacted the chairman of the as-Sunnah mosque in The Hague to question him about certain incorrect statements concerning the funding for his organisation. The reporter uncovered other unpleasant surprises too.
ParisCommissioned shortly after a wave of suicides among French security forces in the autumn of 2017, a new report has sounded the alarm on the country's security forces.