IMF board: Lagarde will remain as chief despite conviction
WASHINGTON — Christine Lagarde will remain head of the International Monetary Fund despite her conviction Monday of negligence in a case dating to her tenure as France’s finance minister.
The IMF’s executive board quickly met after the court’s decision and expressed “full confidence” in Lagarde’s ability to carry out her duties at the head of the Washington-based international lending agency. In a statement, the board cited her “outstanding leadership” and the respect and trust she has worldwide.
After a weeklong trial, France’s Court of Justice of the Republic found Lagarde guilty of one count of negligence but spared her jail time and a criminal record.
The 60-year-old IMF leader had potentially faced a year of imprisonment and a fine for not seeking to block a fraudulent 2008 arbitration award to a politically connected tycoon when she was finance minister.