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» How to Calculate the Future Value of an Investment
Yesterday at 11:46 am by Ethical Trader

» මුගාබේ ඉවත් වීමත් සමඟ 'හරාරේ' සැණකෙළි සිරි ගනියි
Yesterday at 11:34 am by Ethical Trader

» විසිපස් වසරක් ගෙවුනත් ඉල්ලීම් ඉටුවී නැහැ - නිදහස් මාධ්‍ය ව්‍යාපාරය
Yesterday at 11:30 am by Ethical Trader

» Dividend Announcement
Yesterday at 11:21 am by Ethical Trader

» කොටස් වෙළෙඳපොළේ ලැයිස්තුගත කෙරෙන අලුත්ම සමාගම – LVL Energy Fund Limited
Mon Nov 20, 2017 7:42 pm by nihal123

» අගමැති රනිල් බැඳුම්කර කොමිසම හමුවේ පැවසුවේ මොනවාද?
Mon Nov 20, 2017 7:08 pm by Ethical Trader

» Obituary Notice.
Mon Nov 20, 2017 3:03 pm by කිත්සිරි ද සිල්වා

» උතුරු කොරියාවේ "සබ්මැරීන බැලිස්ටික් මිසයිල වැඩසටහනකුත්"
Mon Nov 20, 2017 11:34 am by Ethical Trader

» උතුරු කොරියාව සහ න්‍යෂ්ඨික ප්‍රහාර: "නීති විරෝධී නියෝග පිළිපදින්නේ නෑ"
Mon Nov 20, 2017 11:28 am by Ethical Trader

» 'සොල්දාදුවාගේ සිරුරේ අඟල් එකොළහක පණුවෙක්'
Sun Nov 19, 2017 1:13 pm by කිත්සිරි ද සිල්වා

» මිනිස්සු දුවනවා, අපි නැවතිලා බලන් ඉන්නවා.
Fri Nov 17, 2017 5:46 pm by Ethical Trader

» Plantation sector updates
Fri Nov 17, 2017 11:54 am by lanka

» සිම්බාබ්වේ: ජනාධිපති රොබට් මුගාබේ "අත්අඩංගුවේ"
Fri Nov 17, 2017 9:54 am by Ethical Trader

» ආයෝජනයට ශ්‍රීලංකාවට එන්න එපා.! ජාත්‍යන්තර සමාගම් නිවේදනයකට සැරසෙයි
Wed Nov 15, 2017 8:15 pm by Admin

» Soldiers 'take over Zimbabwe broadcaster'
Wed Nov 15, 2017 5:52 am by කිත්සිරි ද සිල්වා

» බටහිර ලෝකය භේද කරන බවට රුසියාවට චෝදනා
Tue Nov 14, 2017 5:26 pm by Ethical Trader

» යුද අපරාධ සහ අතුරුදහන් කිරීම්: ශ්‍රී ලංකාවේ මානව හිමිකම් වාර්තාව ජිනීවා විමසුමට
Tue Nov 14, 2017 10:56 am by Ethical Trader

» ඉරාන, ඉරාක භූමිකම්පාවෙන් 200 කට වැඩි පිරිසක් මරුට
Mon Nov 13, 2017 5:27 pm by Ethical Trader

» මැද පෙරදිග බල තරඟය දරුණු අතට හැරෙයි
Mon Nov 13, 2017 3:16 pm by guruji

» වචන නම් අපේ ඒත් තනුව ?????????
Sun Nov 12, 2017 2:28 am by Rana

» දිල්ලියේ පරිසරය රැකීමට වාහන සලාක ක්‍රමයක්
Fri Nov 10, 2017 7:05 pm by Ethical Trader

» අයවැය සහ මෝටර් රථ: නව පිළිවෙතක්
Thu Nov 09, 2017 5:42 pm by Ethical Trader

» Flying is the Safest mode of Transport
Thu Nov 09, 2017 3:12 pm by කිත්සිරි ද සිල්වා

» In the Meantime, Within Our Shores !
Thu Nov 09, 2017 10:13 am by කිත්සිරි ද සිල්වා

» වංචා දුෂණ නඩු කඩිනම් කරන්න විශේෂ මහාධිකරණයක්
Wed Nov 08, 2017 4:54 pm by කිත්සිරි ද සිල්වා

» LIOC.N0000 (Lanka IOC PLC)
Wed Nov 08, 2017 4:48 pm by Ethical Trader

» ගින්නෙන් දැවෙන අලි පැටවාගේ සේයාරුව පළමු තැනට
Wed Nov 08, 2017 4:35 pm by Ethical Trader

» 10 Things to Remember Before You Take Things Personally
Tue Nov 07, 2017 5:38 pm by Ethical Trader

» හැම තැනම නැහැ, හැම දාම නැහැ
Tue Nov 07, 2017 5:30 pm by Ethical Trader

» Beware !
Mon Nov 06, 2017 10:56 am by CK

» සාම සාධක මෙහෙයුම් නිරීක්ෂණය කරන පළමු ශ්‍රී ලාංකික හමුදා නිලධාරිනියෝ
Sun Nov 05, 2017 12:44 pm by කිත්සිරි ද සිල්වා

» How to Find Undervalued Stocks and Turn a Large Profit
Sat Nov 04, 2017 11:24 am by Ethical Trader

» ඒකාබද්ධ විපක්ෂ කණ්ඩායමෙන් ශ්‍රීලනිපට කොන්දේසි හතක්
Thu Nov 02, 2017 6:29 pm by nihal123

» Taste of Asia
Thu Nov 02, 2017 12:27 pm by Ethical Trader

» නිව් යෝර්ක් ප්‍රහාරය : අවම වශයෙන් 8 දෙනෙක් මරුට
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» NTB.N0000 (NATIONS TRUST BANK PLC)
Wed Nov 01, 2017 5:43 pm by Ethical Trader

» Laughter the Best Medicine
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» VPEL.N0000 (VALLIBEL POWER ERATHNA PLC )
Wed Nov 01, 2017 8:15 am by yellow knife

» TJL.N0000 (Textured Jersey Lanka PLC.)
Wed Nov 01, 2017 8:07 am by yellow knife

» TPL.N0000 (TALAWAKALE PLANTATIONS )
Wed Nov 01, 2017 7:56 am by yellow knife

» BFL.N0000 (Bairaha Farms PLC)
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» LLUB & BFL
Tue Oct 31, 2017 11:41 am by yellow knife

» HUNA.N0000
Tue Oct 31, 2017 9:26 am by yellow knife

» Sri Lanka's got Talent
Mon Oct 30, 2017 11:31 pm by sashimaal

» Govt.electrocutes CEB
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» තනි පුද්ගල ණය ලක්ෂ 5 ට ආසන්නයි
Mon Oct 30, 2017 7:46 pm by nihal123

» ලෝක ඉතිහාසයේ විශාලතම කොටස් මිල කඩා වැටීම චීනයෙන් වාර්තා වෙයි
Mon Oct 30, 2017 7:45 pm by nihal123

» COMB.N0000 ( COMMERCIAL BANK OF CEYLON PLC )
Mon Oct 30, 2017 4:53 pm by Rana

» ධම්මික පෙරමුණට එයි
Sun Oct 29, 2017 10:09 pm by කිත්සිරි ද සිල්වා

» කොටස් මිල ඉහළ යාමෙන් ඇමේසන් ලොක්කා ලොව අංක එකේ සල්ලිකාරයා වුණේ මෙහෙමයි
Sun Oct 29, 2017 7:22 pm by nihal123

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IMF chief found guilty of criminal negligence

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IMF chief found guilty of criminal negligence

Post by sashimaal on Mon Dec 19, 2016 8:57 pm

Christine Lagarde, the managing director of the International Monetary Fund, was found guilty on Monday of criminal charges linked to the misuse of public funds during her time as France’s finance minister, a verdict that could force her out of her post.

Ms. Lagarde, who began her second five-year term at the I.M.F. in February, will not face any jail time, the judge said. The scandal has overshadowed her work at the fund, to which she was appointed in 2011, after Dominique Strauss-Kahn resigned as managing director when he was accused of having sexually assaulted a maid in a New York City hotel.

The move is likely to destabilize the I.M.F. as it faces a host of thorny issues, including questions over its participation in a multibillion-dollar bailout for Greece and uncertainty about the United States’ role in the organization once Donald J. Trump becomes president in January.

The verdict was a surprise, after the prosecutor in the trial said last week that the case against her was “very weak” and did not appear to be enough to win a conviction. It is a theme prosecutors have previously repeated.

The trial revived concerns in France about high-level corruption, shining a spotlight on intimate ties between politicians and businesspeople, and on the large sums that are sometimes used to grease the country’s political wheels.

The case against Ms. Lagarde centered on Bernard Tapie, a former entertainer and owner of Adidas who had previously been jailed on corruption charges. Mr. Tapie accused the lender Crédit Lyonnais, in which the French state had a stake at the time, of cheating him when it oversaw the sale of his share in the sportswear empire in 1993. Years of costly legal battles ensued.

In 2007, Ms. Lagarde sent the dispute to a three-person private arbitration authority that awarded Mr. Tapie more than 400 million euros, or $420 million at current exchange rates, in damages and interest, to be paid by the state.

Her critics said that decision was politically tainted, and she was charged with negligence for allowing the arbitration and for then declining to appeal the panel’s verdict.

The trial against Ms. Lagarde was just one facet of the scandal — many people associated with it are under investigation, for accusations as varied as embezzlement and organized fraud.

Legal proceedings are expected to begin next year against Stéphane Richard, the chief executive of the French telecommunications giant Orange and the former chief of staff to Ms. Lagarde, who said that she had relied on his judgment to send Mr. Tapie’s case to arbitration.

Mr. Tapie, who has been ordered by a French court in 2015 to repay the full amount with interest after a judge invalidated it, is expected to be called to a separate trial. He is under bankruptcy protection and has not repaid the sum.

Separately, a judge on the arbitration panel that heard Mr. Tapie’s case is accused of fraud and is expected to be tried, as is Mr. Tapie’s lawyer.

Witnesses at Ms. Lagarde’s trial described a system in which influential, wealthy members of the French elite, like Mr. Tapie, had easy access to government officials and parlayed those relationships to the advantage of both parties, sometimes at the expense of taxpayers.

Bruno Bézard, a former director of the French Treasury, described “curious relationships” at the Finance Ministry when he worked there with Ms. Lagarde, saying that Mr. Tapie was often seen walking around the hallways, presumably to visit officials — “which was rather unexpected.”

Mr. Bézard, who led a government body overseeing state holdings, including a bank set up to take over Crédit Lyonnais’ bad assets, said Ms. Lagarde had ignored repeated warnings from members of his staff not to proceed with arbitration.

“It was the worst of solutions,” he said. “But we quickly learned that a political decision had been made, despite the colossal risks” that the state would have to pay for any damages and interest awarded to Mr. Tapie.

Mr. Bézard suggested that Ms. Lagarde had further erred by not challenging the amount of the payout.

“I was more shocked by the speed with which we gave up on contesting it than by the speed of the arbitration decision,” he said. “Given that the amount was so scandalous, even if we had one chance in 1,000 to win, it should have been done.”

Ms. Lagarde testified that she had declined to do so because it could have resulted in a slew of new lawsuits from Mr. Tapie and additional costs to the state.

Mr. Tapie, a former Socialist who served in the administration of President François Mitterrand in the 1990s, switched political allegiances and in 2007 backed the presidential campaign of Nicolas Sarkozy — the president at the time of the arbitration hearing.

Mr. Tapie visited the Élysée Palace, the seat of the French presidency, at least 20 times during Mr. Sarkozy’s first two years in office, the French news media reported. The businessman is said to have met with Mr. Sarkozy and François Fillon, the prime minister at the time and the front-runner in next year’s presidential election.

In July 2007, Mr. Tapie met with Mr. Richard, Ms. Lagarde’s chief of staff, and Claude Guéant, an aide to Mr. Sarkozy.

Mr. Richard, also a longtime friend of Mr. Sarkozy’s, later said that he had paved the way to move the case to arbitration because he left the meeting with the “strong impression” that it is what Mr. Guéant favored.

Mr. Richard refused to testify at Ms. Lagarde’s trial, citing a parallel criminal inquiry into his role in the events. Mr. Guéant was questioned in 2014 as part of a separate investigation into the matter. Both men have denied any wrongdoing. (nytimes)

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