International Monetary Fund (IMF) Chief Christine Lagarde was found guilty of negligence in French courts Monday.
The court found her guilty of failing to challenge a $417 million state arbitration payout to a private business mogul in 2008 while Lagarde was acting French finance minister.
The court, consisting of members of parliament and magistrates, convicted Lagarde in Paris, but decreed that the IMF chief will not be fined, jailed, or have the instance noted on her criminal record. Lagarde’s lawyer expressed his intention of appealing the decision after the court adjourned.
The IMF is an organization of 189 countries dedicated to maintaining global financial stability.
This is not the first time that an IMF chief has been convicted of a crime. Lagarde’s predecessor, Dominique Strauss Kahn, was forced to resign in 2011 over sexual-assault scandals. A hotel maid claimed that Kahn ran at her naked, molested her and forced her to perform sexual favors on him. Kahn reached a multi-million dollar settlement with the plaintiff in 2012, the amount remains undisclosed to the public.
Kahn’s predecessor, Rodrigo Rato, is currently undergoing trial in Spain for corruption charges that allege Rato, and 65 other bankers, misused funds on hotels, lavish parties, and luxury goods in Spain.
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