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IMF's Lagarde to be tried over payout | IMF's Lagarde to be tried over payout |
(35 minutes later) | |
The head of the International Monetary Fund, Christine Lagarde, will stand trial over a state payout to the French tycoon Bernard Tapie, an appeals court has ruled. | The head of the International Monetary Fund, Christine Lagarde, will stand trial over a state payout to the French tycoon Bernard Tapie, an appeals court has ruled. |
She is charged with negligence over the award to Mr Tapie of €404m ($438m; £294m) in 2008 when she was France's economy minister. | She is charged with negligence over the award to Mr Tapie of €404m ($438m; £294m) in 2008 when she was France's economy minister. |
Ms Lagarde had appealed against a lower court ruling from December. | Ms Lagarde had appealed against a lower court ruling from December. |
She is now expected to appear before a special court for government ministers. | She is now expected to appear before a special court for government ministers. |
The case stems from Mr Tapie's sale of the sports equipment company, Adidas, which was handled by the state-owned bank, Credit Lyonnais. | |
The businessman claimed he was defrauded by the bank and received too little from the sale in the 1990s. | |
Tapie affair: Background to case | |
Ms Lagarde was responsible for appointing an arbitration panel, rather than the courts, to decide on the dispute. | |
She has always denied any wrongdoing, saying she acted in the interest of the state and with respect for the law. | |
Reacting to the latest ruling, the IMF said the executive board continued to express confidence in her ability to carry out her duties and was being briefed on developments. |