IMF Boss, Christine Lagarde Faces Trial In France Over 'Negligent' Payment To Businessman

IMF Boss, Christine Lagarde Faces Trial In France Over 'Negligent' Payment To Businessman

Head of the International Monetary Fund, Christine Lagarde stands for trial in France following alleged negligence of over a€400m (£291m; $434m) compensation payment to businessman,Bernard Tapie while she was finance minister of the state under the leadership of President Nicholas Sarkozy in 2008.

The said business man, who is documented to have been once a majority shareholder in the sports goods empire, Adidas is reported to have earlier  sued the Credit Lyonnais bank over the handling of the sale of the company, under the allegation that the partly state-owned bank defrauded him by deliberately undervaluing the company - a legal tussle which saw Ms Lagarde through an order to a three-member arbitration panel award the said compensation package.

Meanwhile, France’s Court of Justice of the Republic (CJR) has ordered that  Ms Lagarde be tried on the charge of “negligence by a person in position of public authority” over the compensation case. She has until five days to appeal, once the court decision is made public on Friday or Monday.

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