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IMF chief Lagarde to stand trial in France over payment to French businessman

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posted on Dec, 17 2015 @ 12:05 PM
The allegation dates back to 2008 when Lagarde was French finance minister and centers around a payment of 400 million euros paid to businessman Bernard Tapie over losses he claimed to have made in the sale of his majority shareholding in Adidas , it also seems Bernard Tapie was a supporter of Nicolas Sarkozy which may or may not have aided his compensation claim.

Ms Lagarde's lawyer described the court's decision as "incomprehensible", and said the IMF boss would appeal.
In a statement she said she had "always acted in this affair in the interest of the state and in respect of the law", according to AP.
Mr Tapie was once a majority shareholder in sports goods company Adidas but sold it in 1993 in order to become a cabinet minister in Francois Mitterrand's Socialist government.
He sued the Credit Lyonnais bank over its handling of the sale, alleging that the partly state-owned bank had defrauded him by deliberately undervaluing the company.

The court has already looked at the case and given their judgement on the payment.

Earlier this month, a French court ruled that Mr Tapie was not entitled to any compensation for that sale and should pay back the €404m with interest.

France's Court of Justice of the Republic (CJR) decided that Ms Lagarde, 59, should be tried on the charge of "negligence by a person in position of public authority" over the compensation case, iTele TV channel and the Mediapart website reported on Thursday.
A court spokesman later confirmed the decision.
If convicted, she could be sentenced to one year in prison.

A year in prison doesn't seem much for such a vast sum but the loss a face would be total.

posted on Dec, 17 2015 @ 12:20 PM
It's strange how the last three IMF Chiefs have had to face criminal proceedings. It speaks volumes about the corruption that is endemic in these institutions. People in positions of trust, who can't be trusted.

posted on Dec, 17 2015 @ 12:45 PM
a reply to: Cobaltic1978

You hit it right on the nose. It seems if you belong to certain cultural or political affiliations and families you can get what you want from the public purse and we really need a separate monitoring committee to oversee a lot of the giving money to various people b because there is a clear line between fraudulent claims where the claimant is attempting to fraud the state and the people and where the claimant has indeed suffered some form of fraud.

The question is though why should it always be the public purse that compensates and not certain business individuals, with huge amounts of wealth, that sit in ultimate control over corporations who shaft people.

posted on Dec, 18 2015 @ 10:24 AM
Head of the International Monetary fund due to stand trial for alleged financial dodgy dealings and nobody here other than the 2 replies received gives a damn ?

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