December 19, 2016 10:15 AM

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IMF chief Lagarde to hear French trial verdict

Managing Director of International Monetary Fund (IMF), Christine Lagarde will today learn the verdict in her trial for approving a massive state payout to a tycoon when she was French finance minister. At the heart of the case is Lagarde's decision to allow a dispute with Bernard Tapie to be resolved by arbitration in 2007 and her later failure to contest the huge award linked to the flamboyant businessman's sale of the Adidas sports brand to the state-owned Credit Lyonnais bank.Lagarde argued in court on Friday she had acted in good faith in approving the 404-million-euro ( that is, 422 million US dollar) payment to Tapie to settle the row. The IMF has so far expressed its full support for Lagarde in the case.

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