PARIS The managing director of the International Monetary Fund (IMF), Christine Lagarde, will be tried in France for alleged negligence in the management of public funds, following the decision issued yesterday by the Court of Cassation, the highest court .
After years of a long process that dates back to 2007, when he was Minister of Economy of France (2007-2011), Lagarde not dodge the bench. The high court rejected, as recommended by the prosecution on July 1, the appeal submitted Lagarde to avoid being judged.
The director of the IMF, who is in China, is accused of committing ” negligence “that allowed the embezzlement of public funds, accepting that it was a private arbitration and not the ordinary courts, which decided the compensation that the businessman Bernard Tapie would charge for the sale of the sports manufacturer Adidas, which had previously been him expropriated.
arbitration decided to compensate with 404 million euros a former politician and tycoon for goodwill in its exaggerated opinion that the State obtained in 1994 with the sale of Adidas, through the bank Crédit Lyonnais .
the judges of the Court of Justice Republicana (CJR) -the only instance empowered to prosecute crimes committed by members of the government-in-Office suspect the designation of arbitration was made with the intention of favoring Tapie, it although the Agency State Holdings had specifically advised against the then minister to use that route.
is also accused Lagarde failed to seek the failure of mediation, even knowing that there was a real possibility that this it not been annulled. The rejection by the Court of Cassation appeal by the economist means that will be judged within a period that has not been revealed.
If convicted he could face a prison sentence of up to one year and fine of 15,000 euros.
lawyers Lagarde had claimed that can not be processed you when six other suspects in the case are still being subject to instruction, but Cassation dismissed those allegations considering that it comes of separate infringements.
“in no case the court calls into question the integrity of Christine Lagarde. This debate will take place before the CJR and I am convinced that this last rule out any responsibility, “said the lawyer of the former minister, Patrick Maisonneuve.
The Court of Cassation had already confirmed in June annulment of arbitration which he granted millions in compensation to Tapie, in the sense that it had resolved the Court of Appeal in Paris in February 2015, when determining that the procedure was a fraudulent “sham”. Tapie was forced to return the money received.
The Board of Directors of the International Monetary Fund (IMF) showed public support for the managing director, after learning of the decision. “As we have said before, it would be inappropriate to comment on a case that has been treated and is currently before the French courts. However, the Executive Council was briefed on the latest developments related to this issue and continues to express confidence in the ability of the managing director to carry out their duties effectively. The Council will continue to be informed about this issue. “
Lagarde heads the IMF since 2011, when he replaced his compatriot Dominique Strauss-Kahn, who was forced to leave office by a sex scandal.
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