Friday, July 22, 2016

HOT IMF Chief Lagarde Will Face Trial Over Corruption

This is big.

The developing takedown of another IMF chief.

France’s Supreme Court ruled that IMF Director Christine Lagarde will have to stand trial for alleged “negligence” in accepting an arbitration panel decision in favor of a French businessman, Bloomberg  reports.

Lagarde became head of the IMF after her predecessor in the position, Dominique Strauss-Kahn was forced out after he was accused of raping a maid in New York City at the Sofitel Hotel.



Via Bloomberg:

The Cour de Cassation backed a December decision that Lagarde, 60, should stand trial for alleged negligence that paved the way for a massive government payout to tycoon Bernard Tapie...

Lagarde is accused of failing to block an arbitration process in 2008 that brought to an end the longstanding dispute between former state-owned bank Credit Lyonnais and Tapie, a businessman and supporter of then French President Nicolas Sarkozy. Tapie walked away with an initial award of about 285 million euros ($314 million) before it was cut to zero by an appeals court.
The charge of negligence in the use of public funds carries a maximum penalty of one year in prison and a fine of 15,000 euros. She will stand trial at a specialized panel that deals with ministers accused of crimes related to their positions known as the Cour de Justice.

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