• France's news in English

IMF chief Lagarde to face trial over €400m payout

The Local/AFP · 17 Dec 2015, 16:34

Published: 17 Dec 2015 16:34 GMT+01:00

Facebook Twitter Google+ reddit

International Monetary Fund (IMF) chief Christine Lagarde has been sent to trial over her handling of a massive state payout to French tycoon Bernard Tapie during her time as finance minister, a legal source said Thursday.

Lagarde had been charged with negligence in the case in which Tapie was awarded more than €400 million ($433 million) in a 2008 dispute with the Credit Lyonnais bank over the sale of sportswear giant Adidas in 1993.

Tapie was ordered to pay back the money at the beginning of this month.

A statement from the IMF said Lagarde would fight the trial order and that the organisation had confidence in her.

The International Monetary Fund's executive board, representing 188 member nations, "continues to express its confidence in the managing director's ability to effectively carry out her duties," IMF spokesman Gerry Rice said in a statement.

Lagarde, who has headed the IMF since July 2011, was charged with negligence in the handling of the 2008 government payout to French tycoon Bernard Tapie during her tenure as finance minister.

Tapie was awarded more than 400 million euros ($433 million) in a 2008 dispute with the bank Credit Lyonnais over the sale of sportswear giant Adidas in 1993.

Since the opening of a French investigation into the handling of the Tapie case in August 2011, the IMF has steadfastly reaffirmed its confidence in Lagarde, whose mandate expires next July and who recently has said she is open to serving a second five-year term.

Story continues below…

"The board will continue to be briefed on this matter," Rice said.


The Local/AFP (ben.mcpartland@thelocal.com)

Facebook Twitter Google+ reddit

Today's headlines
How life for expats in France has changed over the years
A market in Eymet, southwestern France. Photo: AFP

Foreigners in France explain how life has changed over the years.

London calling for Calais youths, but only a chosen few
Photo: AFP

Dozens of Calais minors are still hanging their hopes on help from the UK, but not all will be so lucky.

17 different ways to talk about sex in French
Photo: Helga Weber/Flickr

Fancy a quick run with the one-legged man?

Yikes! This is what a rat-infested French jail looks like
Photo: YouTube/France Bleu TV.

This video is not for sufferers of ratophobia (or musophobia as the condition is officially called).

France to allow Baby Jesus in Town Halls this Christmas
Photo: AFP

Mary, Joseph, and baby Jesus are safe to go on display again this year, it seems.

National Front posts locations of migrants in French town
The National Front courts controversy. Photo: AFP

"Local tax payers have a right to know," says local far-right party chief.

Paris thieves use tear gas to steal €500,000 of watches
Photo: AFP

The thieves pretended to be couriers then threatened staff with tear gas to get the watches.

Bataclan survivor recounts attack in chilling drawings
Photo: BFMTV screengrab

One survivor has recounted the horrific night through illustrations.

Anger among French police grows as Hollande vows talks
French police demonstrate on the Champs Elysées. Photo: AFP

A fourth night of protests shows government efforts to ease anger among French police have been fruitless.

UK border must move back, says 'next French president'
Photo: AFP

If favourite Alain Juppé is elected, Britain and France are in for some difficult negotiations.

Sponsored Article
How to vote absentee from abroad in the US elections
Why Toulouse is THE place to be in France right now
Sponsored Article
Last chance to vote absentee in the US elections
Video: New homage to Paris shows the 'real side' of city
The 'most dangerous' animals you can find in France
Sponsored Article
How to vote absentee from abroad in the US elections
Swap London fogs for Paris frogs: France woos the Brits
Anger after presenter kisses woman's breasts on live TV
Is France finally set for a cold winter this year?
IN PICS: The story of the 'ghost Metro stations' of Paris
How to make France's 'most-loved' dish: Magret de Canard
Welcome to the flipside: 'I'm not living the dream in France'
Do the French really still eat frogs' legs?
French 'delicacies' foreigners really find hard to stomach
French are the 'world's most pessimistic' about the future
Why the French should not be gloomy about the future
This is the most useful French lesson you will ever have. How to get angry
Why is there a giant clitoris in a field in southern France?
French pastry wars: Pain au chocolat versus chocolatine
Countdown: The ten dishes the French love the most
Expats or immigrants in France: Is there a difference?
How the French reinvented dozens of English words
The ups and downs of being both French and English
How Brexit vote has changed life for expats in France
Twelve French insults we'd love to have in English
What's on in France: Ten of the best events in October
jobs available