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IMF expected to select Lagarde as new managing director

Paris, June28: French Finance Minister Christine Lagarde is poised to become the next leader of the International Monetary Fund, having received a major endorsement on Tuesday from the Obama administration.However, Paris prosecutors have opened an

PTI [ Updated: June 28, 2011 23:44 IST ]
imf expected to select lagarde as new managing director
imf expected to select lagarde as new managing director

Paris, June28: French Finance Minister Christine Lagarde is poised to become the next leader of the International Monetary Fund, having received a major endorsement on Tuesday from the Obama administration.


However, Paris prosecutors have opened an investigation into an arbitration deal over the sale of sportswear maker Adidas - a case that has threatened to ensnare Lagarde.

Separately, a special French court is considering investigating the role that Lagarde may have played in the arbitration. She has denied any wrongdoing.

French businessman Bernard Tapie won 285 (m) million Euros (449 (m) million US Dollars) in the 2008 arbitration deal as compensation over a bungled sale of Adidas in the 1990s. Critics say the payout was too generous.

A judicial official said Wednesday that a preliminary investigation has been opened into the arbitration deal.

The official was not authorised to be publicly named because the investigation is ongoing. AP

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