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International Monetary Fund

Authorities search Paris apartment of IMF chief Lagarde

Wednesday, March 20, 2013 - 01:09

March 20 - A lawyer for IMF chief Christine Lagarde says French authorities searched her Paris apartment in an investigation into a 2008 arbitration payment to Bernard Tapie, a supporter of former president Nicolas Sarkozy, while she was Sarkozy's finance minister. Sarah Irwin reports.

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French authorities search the Paris apartment of IMF chief Christine Lagarde on Wednesday. Officials are investigating Lagarde's involvement in the so-called "Tapie Affair" - a controversial 2008 arbitration payment to billionaire Bernard Tapie - a supporter of former French president Nicolas Sarkozy. Tapie had sued the government - after selling his stake in the sports company Adidas - to then state-owned bank Credit Lyonnais. He argued the bank defrauded him - after it sold his share of the company at a much higher price. The bank denied wrongdoing - but Lagarde - serving as Sarkozy's finance minister at the time - ended a court battle -- resulting in a 285 million euro - or $367 million dollar - payout to Tapie. Magistrates suspect Lagarde of complicity to misusing public funds - after she rejected advisers' objections to proceed with the arbitration. Lagarde has denied any wrongdoing - in the 2-year-old investigation.

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Authorities search Paris apartment of IMF chief Lagarde

Wednesday, March 20, 2013 - 01:09