IMF chief Lagarde probed in French corruption case

International Monetary Fund (IMF) chief Christine Lagarde says she is being investigated for negligence in a corruption case dating back to her time as French finance minister.

In a statement Wednesday, Lagarde called the accusations against her “unfounded” and said she would appeal the decision to investigate her. Lagarde said she would not resign over the scandal, but is returning to Washington, where she will explain the situation to an IMF board.

The comments come after French magistrates questioned her for the fourth time over her handling of a $527 million payout to a businessman. Bernard Tapie received the payout in 2008 to settle a dispute with the state-owned bank Credit Lyonnais over the sale of German sportswear brand Adidas.


(IMF managing director Christine Lagarde. Photo: MEDEF)