French court orders probe of IMF chief Lagarde

French court orders probe of IMF chief Lagarde

Published: 04 August, 2011, 16:06


A commission at the French Court of Justice decided Thursday an investigation should be launched into new IMF chief Christine Lagarde’s role in a $400 million arbitration deal in favor of a controversial tycoon.

­Bernard Tapie won a settlement in 2008 with a French state-owned bank over the mishandled sale of sportswear-maker Adidas in the 1990s. A prosecutor has said he suspects Lagarde abused her authority in allowing the arbitration.

The former French finance minister, Christine Lagarde, took over as head of the International Monetary Fund on July 5, after the IMF’s ex-head Dominique Strauss-Kahn resigned following his arrest in May on sexual assault charges.

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