The Investor Sentiment - Equity and investments forum for Sri Lankans
Search
 
 

Display results as :
 


Rechercher Advanced Search

Latest topics
» 8000 Post Club | Celebration of a Great Milestone කිත්සිරි ද සිල්වා
IMF chief found guilty of criminal negligence EmptyToday at 8:49 am by puliyanam

» “බිරිඳගේ සහ පෙම්වතියගේ වෙනස මොකක්ද?”
IMF chief found guilty of criminal negligence EmptyYesterday at 11:51 pm by sanjulanka

» Thread for News on Local and Foreign Politics
IMF chief found guilty of criminal negligence EmptyYesterday at 8:46 am by The Invisible

» Thread for News on CSE and SL Economy
IMF chief found guilty of criminal negligence EmptySat Aug 24, 2019 8:37 am by The Invisible

» The Central Bank of Sri Lanka Reduces its Policy Interest Rates
IMF chief found guilty of criminal negligence EmptySat Aug 24, 2019 4:26 am by Ethical Trader

» Dividend Announcement
IMF chief found guilty of criminal negligence EmptyFri Aug 23, 2019 8:16 pm by Rana

» JKH - 155/00 Breakout is pending
IMF chief found guilty of criminal negligence EmptyFri Aug 23, 2019 2:21 pm by pjrngroup

» Browns Investments update
IMF chief found guilty of criminal negligence EmptyFri Aug 23, 2019 10:08 am by sanjulanka

» Thread for News on International Markets
IMF chief found guilty of criminal negligence EmptyFri Aug 23, 2019 9:34 am by The Invisible

» Tokyo as at 21.08.2019 Morning
IMF chief found guilty of criminal negligence EmptyWed Aug 21, 2019 10:07 am by nisashi

» අනං මනං! #/+?.<>
IMF chief found guilty of criminal negligence EmptyTue Aug 20, 2019 8:18 pm by ruwan326

» What Would You Do?
IMF chief found guilty of criminal negligence EmptyMon Aug 19, 2019 1:02 pm by කිත්සිරි ද සිල්වා

» Back of the Legends
IMF chief found guilty of criminal negligence EmptyMon Aug 19, 2019 10:13 am by Topcat

» NTB.N0000 (NATIONS TRUST BANK PLC)
IMF chief found guilty of criminal negligence EmptySun Aug 18, 2019 10:33 pm by lanka

» Melstacorp (MELS)
IMF chief found guilty of criminal negligence EmptySun Aug 18, 2019 8:33 pm by The Invisible

» Cargills (CARG)
IMF chief found guilty of criminal negligence EmptySun Aug 18, 2019 8:26 pm by The Invisible

» DOCK.N0000 (COLOMBO DOCKYARD PLC)
IMF chief found guilty of criminal negligence EmptySun Aug 18, 2019 8:18 pm by The Invisible

» SHL.N0000 (Softlogic Holdings PLC)
IMF chief found guilty of criminal negligence EmptySun Aug 18, 2019 8:14 pm by The Invisible

» SAMP.N0000 (SAMPATH BANK PLC)
IMF chief found guilty of criminal negligence EmptySat Aug 17, 2019 12:44 pm by nuwanmja

» Hayleys MGT
IMF chief found guilty of criminal negligence EmptyFri Aug 16, 2019 8:55 pm by ruwan326

» CFVF - First Capital
IMF chief found guilty of criminal negligence EmptyFri Aug 16, 2019 9:58 am by CK

» JINS.N0000 ( Janashakthi Insurance PLC)
IMF chief found guilty of criminal negligence EmptyWed Aug 14, 2019 4:57 pm by The Invisible

» Ceylinco Insurance CINS
IMF chief found guilty of criminal negligence EmptyWed Aug 14, 2019 9:18 am by The Invisible

» HNB.N0000 ( Hatton National Bank PLC)
IMF chief found guilty of criminal negligence EmptyWed Aug 14, 2019 9:15 am by The Invisible

» NDB.N0000 (NATIONAL DEVELOPMENT BANK PLC)
IMF chief found guilty of criminal negligence EmptyWed Aug 14, 2019 9:11 am by The Invisible

» Tourism Sector
IMF chief found guilty of criminal negligence EmptyWed Aug 14, 2019 4:55 am by NIRMALSG

» LIOC.N0000 (Lanka IOC PLC)
IMF chief found guilty of criminal negligence EmptyMon Aug 12, 2019 2:55 pm by xmart

» HAYL.N0000 Hayleys PLC
IMF chief found guilty of criminal negligence EmptyMon Aug 12, 2019 1:43 pm by CK

» PABC.N0000 (Pan Asia Banking Corporation PLC)
IMF chief found guilty of criminal negligence EmptyMon Aug 12, 2019 1:33 pm by The Invisible

» Grain Elevators
IMF chief found guilty of criminal negligence EmptyMon Aug 12, 2019 1:31 pm by The Invisible

» Sri Lanka sets US$3.5bn tea export target for 2030
IMF chief found guilty of criminal negligence EmptyMon Aug 12, 2019 1:27 pm by The Invisible

» Tea: July 2019 national average shows gains month on month
IMF chief found guilty of criminal negligence EmptySun Aug 11, 2019 9:19 pm by Topcat

» OSEA .N
IMF chief found guilty of criminal negligence EmptySat Aug 10, 2019 6:40 pm by The Invisible

» Sri Lanka mulls reforms to punish 'errant' plantation companies
IMF chief found guilty of criminal negligence EmptySat Aug 10, 2019 6:33 pm by The Invisible

» JKH.N0000
IMF chief found guilty of criminal negligence EmptySat Aug 10, 2019 11:38 am by The Invisible

» HHL.N0000 ( Hemas Holdings PLC)
IMF chief found guilty of criminal negligence EmptySat Aug 10, 2019 10:42 am by The Invisible

» Nestle NEST
IMF chief found guilty of criminal negligence EmptySat Aug 10, 2019 10:28 am by The Invisible

» Ceylon Tobacco CTC
IMF chief found guilty of criminal negligence EmptySat Aug 10, 2019 10:26 am by The Invisible

» Volkswagen කතාවේ ඇත්ත තත්ත්වය මෙහෙමයි.
IMF chief found guilty of criminal negligence EmptyFri Aug 09, 2019 5:37 pm by කිත්සිරි ද සිල්වා

» LLUB.N0000 (CHEVRON LUBRICANTS LANKA PLC)
IMF chief found guilty of criminal negligence EmptyFri Aug 09, 2019 5:07 pm by Ethical Trader

» VFIN - where the journey leads it?
IMF chief found guilty of criminal negligence EmptyFri Aug 09, 2019 9:21 am by ruwan326

» UAL.N0000 ( UNION ASSURANCE PLC )
IMF chief found guilty of criminal negligence EmptyFri Aug 09, 2019 9:20 am by ruwan326

» SPEN.N0000
IMF chief found guilty of criminal negligence EmptyThu Aug 08, 2019 10:20 pm by The Invisible

» Lanka Tiles
IMF chief found guilty of criminal negligence EmptyThu Aug 08, 2019 10:15 pm by The Invisible

» Expolanka
IMF chief found guilty of criminal negligence EmptyThu Aug 08, 2019 8:28 pm by ruwan326

» Tile - Snapshot
IMF chief found guilty of criminal negligence EmptyThu Aug 08, 2019 11:37 am by mymoney

» DPL.N0000 (Dankotuwa Porcelain PLC)
IMF chief found guilty of criminal negligence EmptyThu Aug 08, 2019 11:31 am by mymoney

» නිරුවත
IMF chief found guilty of criminal negligence EmptyThu Aug 08, 2019 9:36 am by කිත්සිරි ද සිල්වා

» HAYC - Haycarb
IMF chief found guilty of criminal negligence EmptyThu Aug 08, 2019 7:32 am by Beta

» WATA - Watawala
IMF chief found guilty of criminal negligence EmptyWed Aug 07, 2019 12:03 pm by lanka

August 2019
SunMonTueWedThuFriSat
    123
45678910
11121314151617
18192021222324
25262728293031

Calendar Calendar

Disclaimer


Information posted in this forum are entirely of the respective members' personal views. The views posted on this open online forum of contributors do not constitute a recommendation buy or sell. The site nor the connected parties will be responsible for the posts posted on the forum and will take best possible action to remove any unlawful or inappropriate posts.
All rights to articles of value authored by members posted on the forum belong to the respective authors. Re-using without the consent of the authors is prohibited. Due credit with links to original source should be given when quoting content from the forum.
This is an educational portal and not one that gives recommendations. Please obtain investment advises from a Registered Investment Advisor through a stock broker

IMF chief found guilty of criminal negligence

Go down

IMF chief found guilty of criminal negligence Empty 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)

- See more at: [You must be registered and logged in to see this link.]
sashimaal
sashimaal
Top contributor
Top contributor

Posts : 5776
Join date : 2014-02-28

Back to top Go down

Back to top


 
Permissions in this forum:
You cannot reply to topics in this forum