French Court Finds IMF Chief Guilty in 2008 Arbitration Case | NBC 5 Dallas-Fort Worth
National & International News
The day’s top national and international news

French Court Finds IMF Chief Guilty in 2008 Arbitration Case

Christine Lagarde, who was France's finance minister at the time, was spared punishment and a criminal record

    processing...

    NEWSLETTERS

    AP
    File image: French Finance Minister Christine Lagarde speaks to the media outside the International Monetary Fund in Washington, Thursday, June 23, 2011.

    The International Monetary Fund's managing director was convicted Monday of negligence by a special French court for her role in a hugely contentious arbitration award to a businessman in 2008.

    But Christine Lagarde, who was France's finance minister at the time, was spared punishment and a criminal record.

    The Court of Justice of the Republic, made up of three judges and 12 parliamentarians, tries cases concerning ministers for alleged crimes while in office.

    Lagarde, not present for the verdict, maintained her innocence through the weeklong trial. The prosecutor had asked for an acquittal.

    Raw: Airport Video Shows Attack on Brother of N. Korea's Kim

    [NATL] Raw: Airport Video Shows Attack on Brother of N. Korea's Kim
    Surveillance video obtained by Fuji TV seems to show the moment Kim Jong Nam (wearing pale grey suit and carrying black backpack), the estranged half brother of North Korean ruler Kim Jong Un, was attacked at Kuala Lumpur international airport.
    (Published Monday, Feb. 20, 2017)

    The case revolves around a 403 million-euro ($425 million) arbitration deal given to tycoon Bernard Tapie in 2008 over the botched sale of sportswear maker Adidas in the 1990s. The amount prompted indignation in France.

    Civil courts have since quashed the unusually generous award, declared the arbitration process and deal fraudulent and ordered Tapie to pay the money back.

    The Washington-based IMF said after Monday's verdict that its executive board would meet soon "to consider the most recent developments."