Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

IMF head Lagarde placed under formal investigation

IMF head Lagarde placed under formal investigation

International Monetary Fund head Christine Lagarde has been placed under formal investigation by a French court.

The FT reported that Lagarde (pictured) is being investigated on suspicion of negligence due to an arbitration process in 2008 that awarded €400 million to businessman Bernard Tapie to settle a commercial dispute with the state. It is alleged that this process was rigged because of Tapie's support for president Niocolas Sarkozy in the 2007 presidential election. 

Lagarde denies any impropriety in the arbitration process, which she says was independent and in the best interests of taxpayers, the FT reported. In a statement to the AFP news agency today, she said that she had instructed her lawyer to appeal against the decision to place her under investigation.

Her spokesman added that the charge carried a maximum penalty of one year in prison and a fine of €15,000 if convicted.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Foster: the world’s most unconventional monetary policies

Brewin's Foster: the world’s most unconventional monetary policies

In this week's podcast, Guy Foster asks why the world’s biggest economies are pursuing some of the world’s most unconventional monetary policies. 

Play Charles Tan on Woodford & hidden trust income gems

Charles Tan on Woodford & hidden trust income gems

Cantor Fitzgerald investment company analyst Charles Tan discusses Woodford Patient Capital and some of the income trusts slipping under the radar.  

Play Taxicab Tenner: SGPB Hambros CIO Eric Verleyen

Taxicab Tenner: SGPB Hambros CIO Eric Verleyen

In the second episode of our new series, Verleyen jumps on board a black cab and explains how hard it's become to find good valuation on the market.  

Wealth Manager on Twitter