IMF board to consider Lagarde negligence verdict: spokesman

[WASHINGTON] The International Monetary Fund board is expected to meet shortly to discuss the implications of the surprise guilty verdict against IMF chief Christine Lagarde on Monday in a French court.

"The Executive Board has met on previous occasions to consider developments related to the legal proceedings in France. It is expected that the Board will meet again shortly to consider the most recent developments," fund spokesman Gerry Rice said in a statement.

A French court found Ms Lagarde guilty of negligence over a massive payout to a tycoon when she was finance minister, but she will not be fined or face prison.

Ms Lagarde was found to be at fault over her decision allowing a dispute over sale of the Adidas sports brand to Credit Lyonnais bank to be resolved by a private arbitration panel rather than through the courts, then failing to challenge the 404-million-euro (S$600.61 million) award that followed.

REUTERS