IMF President, Christine Lagarde is going to stand trial on allegations of fraud.
Lagarde, who served as finance minister under President Nicolas Sarkozy is accused of intervening in a court dispute between French tycoon Bernard Tapie and the bank Credit Lyonnais in 2007.
Interestingly, the complicated case involves the sale of Tapie’s stake in sports company Adidas to French state owned bank Credit Lyonnais. The bank then allegedly resold his stake at a far higher price.
Lagarde is not accused of personally profiting from the case but instead is accused of negligence and giving preferential treatment to Tapie.
The IMF has not commented on the case. Lagarde has served as IMF president since 2011.
