IMF expresses 'full confidence' in Christine Lagarde despite her conviction in fraud case
The board said they had 'wide respect' for her and trust in her ability to continue as their managing director.
Christine Lagarde will continue to head the International Monetary Fund despite her conviction in a payout case, the organisation said on Tuesday. She will remain the managing director of the IMF with support from its board, which expressed “full confidence” in her ability to continue in the position and said they had “wide respect and trust” for her, The Telegraph reported.
Lagarde said she would not appeal against the ruling because it was time to “turn the page and move on” and continue to work with those who had put their trust in her”, BBC reported.
On Monday, France’s Court of Justice of the Republic found Lagarde guilty of negligence and giving preferential treatment to French business tycoon Bernard Tapie in 2008 when he was involved in a financial dispute with state-owned bank Credit Lyonnais. As France’s finance minister, she had approved a €400 million (Rs 2,774 crore) state payout to the businessman. Investigators had said her order for an arbitration into the dispute over the sale of sportswear giant Adidas led to the “misuse of public money”.
Lagarde is the third managing director of the IMF to face trial. Dominique Strauss-Kahn resigned from his position in 2011 after facing sexual assault charges, and Rodrigo Rato was accused of misusing funds when he headed Spanish lender Bankia.