PPP KINGDOM

PPP KINGDOM

FRENCH COURT ORDERS INVESTIGATION OF NEW IMF CHIEF – CHRISTINE LAGARDE

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Christine Lagarde

http://www.standard.net/stories/2011/08/04/french-court-orders-probe-imf-chief-lagarde

A French court on Thursday ordered an investigation into new IMF chief Christine Lagarde’s role in a much-criticized $400 million arbitration deal in favor of a controversial tycoon.

Lagarde was France’s finance minister when magnate Bernard Tapie won a settlement in 2008 with a French state-owned bank over the mishandled sale of sportswear maker Adidas in the 1990s.

Lagarde took over as managing director of the International Monetary Fund last month after her predecessor, Dominique Strauss-Kahn, quit to face charges he tried to rape a New York hotel maid.

http://www.guardian.co.uk/world/2011/aug/04/christine-largarde-bernard-tapie-imf

Tapie, the former owner of the football club Olympic Marseille and Socialist minister, served a seven-month jail term in 1997 for match-fixing and has a tax fraud conviction. In recent years he has made a remarkable public comeback as an actor, singer, chatshow host – and prominent supporter of the president.

A judicial inquiry will now examine Lagarde’s decision to order arbitration instead of letting the Tapie affair be decided by the courts. It will also consider whether she refused expert advice to appeal against the huge payout, simply allowing Tapie to walk away with his cheque.

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FINANCIAL WARRIOR

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