International Monetary Fund Chief Convicted Over Payout

Paris, A French court has found International Monetary Fund (IMF) chief, Christine Lagarde guilty of negligence but did not hand down any punishment.

As French finance minister in 2008, she is being convicted for approving an award of 404 million euro ($429 million) to businessman Bernard Tapie for the disputed sale of a firm.

Lagarde, who always denied wrongdoing, was not present in court, having left Paris for Washington DC.

She said she would not appeal against the ruling: “There’s a point in time when one has to just stop, turn the page and move on and continue to work with those who have put their trust in me.” The IMF board and the French government confirmed its confidence in Lagarde, who was reappointed to a five-year term at the IMF in February.

On Friday, she told the trial she had always acted in good faith and the suspicion she had lived under for the past five years had been an “ordeal”.

Cases at the Court of Justice of the Republic (CJR) may not be retried but can be appealed against on grounds of procedural errors.

Lagarde’s lawyer said his team would consider appealing.

Source: Qatar News Agency