
IMF Boss Lagarde To Stand Trial Over $400 Mn Payout
Muhammad Rameez Published July 22, 2016 | 09:57 PM

PARIS, (UrduPoint / Pakistan Point News - 22th july, 2016) - IMF chief Christine Lagarde was ordered Friday to stand trial in France over a massive state payout to a colourful tycoon when she was French economy minister, dealing a setback to her stellar career. France's highest appeals court dismissed Lagarde's challenge against the decision to try her for negligence in her handling of a dispute between a state-owned bank and businessman Bernard Tapie. Tapie walked away with a staggering 404 million Euros ($445 million) in compensation in 2008 after Lagarde ordered the long-running row over the sale of sports gear giant Adidas to be resolved by arbitration. Friday's ruling means the 60-year-old IMF chief will go before a special tribunal that hears cases against government ministers accused of wrongdoing in the discharge of their duties.
The ruling is a blow to the IMF boss, who has long been touted as a potential future French president. She insists she acted in France's best interests in the case, and the IMF expressed firm backing for her as it was confirmed she would face trial. The Washington-based lender "continues to express its confidence in the Managing Director's ability to effectively carry out her duties," said IMF spokesman Gerry Rice.
Her lawyer Patrick Maisonneuve said he was "convinced" that Lagarde would be "absolved of all responsibility". Lagarde will be the third successive IMF chief to face trial.
Related Topics
Recent Stories

Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 12 August 2022

Gold Rate in Pakistan Today, 12th August 2022

IGP takes notice of killing of three people

Chakabva to lead Zimbabwe in India ODI series

WTA Toronto results

Ireland v Afghanistan 2nd T20 scores
More Stories From World
-
Ethiopia starts power generation from second turbine at mega-dam
11 hours ago -
Obstructions slow bid to save trapped Mexican miners
12 hours ago -
Angola opposition denies money ties to dos Santos
12 hours ago -
Argentinian Rear Admiral appointed as chief of UNMOGIP, which monitors LoC in Kashmir
13 hours ago -
Shelling at Ukraine nuclear plant as UN issues warning
13 hours ago -
France gets boost from EU neighbours as wildfires rage
14 hours ago -
Arctic warming four times faster than rest of Earth: study
14 hours ago -
Ukraine, Russia accuse each other of nuclear plant strikes
15 hours ago -
OIC General Secretariat Condemns Terrorist Attacks in Northern Burkina Faso
17 hours ago -
OIC General Secretariat Condemns the Intensive Firing by Illegal Armenian Armed Detachments against ..
22 hours ago -
Darya E Sindh Se Bodies Nikalne Wale Razakar - 15 Sal Se Koi Paisa Liye Bagair Ye Kam Kar Rahe Hai
22 hours ago -
Kenya waits impatiently for results of close-fought vote
1 day ago
Education - Urdu News - Car Prices - Breaking News - English News - Live Tv Channels - Urdu Horoscope - Horoscope in Urdu - Muslim Names in Urdu - Urdu Poetry - Love Poetry - Sad Poetry - Prize Bond - Mobile Prices in Pakistan - PTV Sports - English to Urdu - Big Ticket - Translate English to Urdu - Ramadan Calendar - Prayer Times - DDF Raffle - Islamic Calendar - Events - Today Islamic Date - Travel - UAE Raffles - Travel Guide - Arabic - Urdu Cooking Recipes - Directory - Pakistan Results - Past Papers - BISE - Schools in Pakistan - Academies & Tuition Centers
UrduPoint Network is the largest independent digital media house from Pakistan, catering the needs of its users since year 1997. We provide breaking news, Pakistani news, International news, Business news, Sports news, Urdu news and Live Urdu News
© 1997-2022, UrduPoint Network
All rights of the publication are reserved by UrduPoint.com. Reproduction without proper consent is not allowed.