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France: IMF chief Lagarde convicted over €405m payout, avoids jail02:57

France: IMF chief Lagarde convicted over €405m payout, avoids jail

France, Paris
December 19, 2016 at 02:09 GMT +00:00 · Published

International Monetary Fund (IMF) managing director Christine Lagarde was found guilty of negligence charges related to her role in a €405 million ($430 million) payout to tycoon Bernard Tapie, in Paris on Monday. Lagarde herself did not attend the court session.

One of her defence lawyers stated that Lagarde “is convicted partially on one of the two reproaches that were made of her but I note that she is condemned to nothing. The court held that she should not be sentenced to any penalty."

Lagarde stood trial in a week long court case dealing with her alleged misuse of public funds in her former role as French finance minister. She allegedly approved an arbitration procedure in 2007 that ended in Bernard Tapie receiving €405 million in compensation from a state-owned bank. The payout relates to the disputed sale of a company.

Lagarde has been IMF managing director since 2011 and began her second five-year term in February of this year.

France: IMF chief Lagarde convicted over €405m payout, avoids jail02:57
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International Monetary Fund (IMF) managing director Christine Lagarde was found guilty of negligence charges related to her role in a €405 million ($430 million) payout to tycoon Bernard Tapie, in Paris on Monday. Lagarde herself did not attend the court session.

One of her defence lawyers stated that Lagarde “is convicted partially on one of the two reproaches that were made of her but I note that she is condemned to nothing. The court held that she should not be sentenced to any penalty."

Lagarde stood trial in a week long court case dealing with her alleged misuse of public funds in her former role as French finance minister. She allegedly approved an arbitration procedure in 2007 that ended in Bernard Tapie receiving €405 million in compensation from a state-owned bank. The payout relates to the disputed sale of a company.

Lagarde has been IMF managing director since 2011 and began her second five-year term in February of this year.