BREAKING NEWS

Lagarde probe is for complicity in misuse of funds

By REUTERS

AUGUST 4, 2011 17:04

PARIS - A French investigation into IMF head Christine Lagarde's role in an 2008 arbitration payout will center on allegations she was complicit in the misuse of public funds, the court's prosecutor said on Thursday.

The Court of Justice of the Republic, a special tribunal qualified to judge ministers, earlier announced its decision to proceed with the probe following a judicial panel review.

Lagarde has denied any misconduct in her approval of a 285 million euro ($407 million) payment to businessman Bernard Tapie when she was finance minister to settle a long-running legal dispute with a former state-owned bank.

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