IMF chief convicted over payout

IMF chief Christine lagardo convicted over payout

International Monestary fund chief Ms. Christine lagardo has found guilty by  French court as she at the time when she was French financer minister in 2008 approved an award of $429 million to a businessman bernand tapie for the dispute sale of a firm but court although did not hand down any punishment.

Until when she had moved to Washington DC from France that is why she wasn't present at the hearing of court.

Case will not retrieve at the court of justice for the republic but it can be appealed against on grounds of procedural errors.

Ms lagardo replaced Dominique strands Khan in 2011 who was also a former finance minister of France and resigned due to his arrest in new York on charges of sexual assaults that were later dropped.

 60 years old Ms lagardo has found guilty of negligence for filling to challenge the state arbitration payout to Mr. Bernand tapie who is a friend of former president of France Nicolas sarkozy.

Ms lagardo could have punished by the court of justice of the republic and a special tribunal for ministers , could have gave her one year prison and €13000 fine

Her lawyer said immediately after the ruling that his team would look into appealing the discussion.

IMF spokesman Gerry rice said after verdict that it's executive board would meet soon to consider the most recent developments.

The CJR is composed mostly of politician rather than judges and will accept alligations of crime committed by cabinet ministers in office.

CJR trails are rare but it had found another French politician admond herev also in case guilty of negligence over a contaminated blood case but court didn't punished him.

The case was originated in 1990 when Mr. Tapie was a majority share holder in sports company adidas and became a cabinet minister in 1992 and sell the company.

In 1993 he said credit Lyonnais in state owned bank that handled the sale and bank defrauded him by deliberately undervaluing the firm .

In 2007 case was referred to binding arbitration by logardo (finance minister) under conservation president Nicolas sarkozy.