IMF boss, Lagarde, convicted for misappropriation of public funds

Christine Lagarde, managing director of  the International Monetary Fund (IMF), has been convicted of negligence by a French court.

Lagarde was found guilty of criminal charges linked with the misuse of public funds during her time as France’s finance minister, a verdict that could force her out of her post.

The judge also decided that Lagarde, who just began a second five-year tenure at the IMF would not be jailed, despite being convicted.

According to French laws, the charge against Lagarde, is to fetch a more than $15,000 or a year in jail.

According to Wall Street Journal, Lagarde was on trial on allegations of negligence stemming from her role nearly 10 years ago settling a dispute between the French state and business tycoon Bernard Tapie.

As minister of finance in France, back in 2008, she awarded Tapie $429 million, which led to the five-year trial.

Just last week, Lagarde said the end of the trial, will bring an end to a five-year ordeal, which has family has been facing since the trial began.

She was appointed as IMF managing director in 2011, after Dominique Strauss-Kahn resigned as managing director when he was accused of having sexually assaulted a maid in a New York City hotel.

It remains unclear if she would step down as the fund’s managing director.