Wednesday 7 December 2016

Lagarde faces probe over misuse of funds

Thierry Leveque in Paris

Published 17/08/2011 | 05:00

French magistrates formally opened an investigation into IMF chief Christine Lagarde yesterday for possible misconduct in approving a huge payment to a friend of President Nicolas Sarkozy when she was finance minister.

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Ms Lagarde faces investigation for complicity in embezzlement of public funds for approving a €285m settlement to Bernard Tapie in 2008.

Mr Tapie said that a former state-owned bank had defrauded him in the sale of his stake in sports clothing business Adidas in 1993.

There is no suggestion Ms Lagarde profited personally in any way from the final settlement. The investigative commission is expected to summon Ms Lagarde to testify.

Irish Independent

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