IMF chief Lagarde found guilty of negligence by French court over payout to businessman

Lagarde was not present when the court announced its verdict on Monday, Reuters reported citing her lawyer.

The long-running case revolves around an arbitration deal over the sale of Adidas sportswear, which saw tycoon Bernard Tapie receiving a €403 million ($425 million) payout. Tapie is said to have had connections in the highest circles of French society, including then-President Nicolas Sarkozy.

The IMF Executive Board is expected to arrange a meeting shortly “to consider developments related to the legal proceedings in France,” IMF spokesman Gerry Rice said on Monday, as cited by Reuters.
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