Business

French Court Convicts IMF Chief, Christine Lagarde 

A French court has found International Monetary Fund Chief, Christine Lagarde, guilty of negligence in approving a massive payout of taxpayers’ money to controversial French businessman, Bernard Tapie.

In 2008, as French Finance Minister, she approved an award of 404 million Euros to Mr Tapie for the disputed sale of a firm.

The French court convicted the head of the International Monetary Fund and former government minister, who had faced a 15,000 Euros fine and up to a year in jail.

The court, however, decided Lagarde should not be punished and that the conviction would not constitute a criminal record.

Accused of allowing the misuse of public funds, rather than actual corruption, she could potentially have been sentenced to a year in prison.

The IMF in a statement says it will meet to consider the latest developments in France.

K Akintoye

Disqus Comments Loading...

Recent Posts

Russian Court Orders Journalist In Navalny’s Case Detained

She had originally been detained hours after visiting Navalny's grave in southern Moscow during the…

15 mins ago

Blackouts Hit Three Ukrainian Regions After Russian Air Attack

President Volodymyr Zelensky has called the attacks "energy terrorism" and the United Nations has described…

29 mins ago

Turkey’s Erdogan To Hold White House Talks With Biden In May

Turkey has profited from maintaining trade with Moscow while at the same time supplying Ukraine…

45 mins ago

Liverpool Target Xabi Alonso Says Staying As Leverkusen Coach

The 42-year-old Spaniard has Leverkusen on course for a trophy treble, including their first-ever German…

46 mins ago

Madagascar’s Parliament Chief Stripped Of Post

The court decision removing Christine Razanamahasoa, 72, from the National Assembly was published Thursday evening,…

59 mins ago

Nigeria’s Economy Records Over $1.5bn Inflow, Says CBN

It said the naira also continued to record gains in the Autonomous Foreign Exchange market,…

1 hour ago