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Imf Boss, Lagarde, Convicted Of Negligence In French Court

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BEVERLY HILLS, December 19, (THEWILL) – Christine Lagarde, Managing Director of the International Monetary Fund (IMF), has been convicted of negligence by a French court which found her guilty of criminal charges linked with the misuse of public funds during her time as France's finance minister.

The judge however decided that Lagarde, who just began a second five-year tenure at the IMF, would not be jailed despite the fact that the charge against her carries a fine of more than $15,000 or a year in jail.

According to Wall Street Journal, Lagarde was on trial on allegations of negligence stemming from her role in settling a dispute between the French state and business tycoon Bernard Tapie, in 2008, where She awarded Tapie $429 million as minister of Finance in France.

THEWILL recalls that Lagarde was appointed IMF managing director in 2011, after Dominique Strauss-Kahn, another French National, resigned when he was accused of having sexually assaulted a maid in a New York City hotel.

Now, it seems a similar fate may befall Lagarde as she may likely lose her IMF job as a result of the conviction.

Story by Oputah David