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Chief of IMF Questioned at Paris Court over Bernard Tapie Payout Amount

May 23, 2013 14:10 IST

The Chief of International Monetary Fund Christine Lagarde was questioned at the Court of Justice of the Republic (CJR) in Paris over payout amount to the magnate Bernard Tapie during her tenure as a finance minister.

In the Paris court, she was asked to explain the handling of 2007 row which led to payout of 400 million Euros to Bernard Tapie. The Court of Justice of the Republic (CJR) will be investigating the ministerial misconduct.

Background of the case

The roots of the case go back to 1993 when Bernard Tapie, the known business tycoon in French world, sold the stake in Adidas to Credit Lyonnais. After that, the bank sold the same stake for higher profits, after which Tapie claimed to be defrauded. In 2007, the finance minister was suggested by French President Nicolas Sarkozy to move this case to arbitration. Bernard Tapie, eventually won higher payout than expected in the court.

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