WORLD

EXPOSED: Shock FRAUD case that ROCKED the European Union

5 July, 2019
Oliver Down

Christine Lagarde, a 63-year-old French economist and politician, as well as the outgoing head of the International Monetary Fund, has been implicated in the illegal dealings of Mr Bernard Tapie. Mr Tapie was a divisive politician and former owner of Olympique Marseille (OM) football club, who himself was jailed for fraud and convicted of match-fixing when he was the owner of OM. Only in December 2016, Ms Lagarde was found guilty of negligence for her role in Mr Tapie’s behaviour. However, no punishment was passed down as it was not seen as a criminal matter. Ms Lagarde has been nominated as the President of the European Central bank with many saying this case of fraud hanging over her questions the appointment.

Lagarde was found guilty of allowing the misuse of public funds rather than the corruption that would have been far more serious. The Judge who presided in the case Martine Ract Madoux decided this was the appropriate form of action stating that “The context of the global financial crisis in which Madame Lagarde found herself in should be taken into account.” She also said Ms Lagarde’s good reputation and international standing as reasons. Ms Lagarde was at the centre of a storm after she released a document naming members of the Greek public who were potentially avoiding tax at the cost of the Greek taxpayer.
Christine Lagarde was implicated with Bernard Tapie from back in the 1990s in relation to the fraud. The charge she faced was of “negligence by a person in position of public authority” after she awarded £340m to Mr Tapie while she was head of the French ministry of finance relating to the sale of Adidas, where he was a major shareholder.
This arbitration occurred in 2007 when she was head of the panel that awarded the money. A three-member panel awarded the bumper compensation pay-out a year later. An enquiry was opened in 2011 and by 2015 another French court ruled Mr Tapie had not been entitled to compensation. Ms Lagarde was found negligent because she failed to ask officials for more information about the “shocking arbitration award”.
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