Christine Lagarde, the IMF managing director, will have to appear before court on 12 December t due to her role, when she was finance minister in Paris, in the litigation concerning the sale of the group Adidas – well-known German corporation that produces shoes, clothes, and sporting goods – between the bank Credit Lyonnais and the French businessperson. She is accused of negligence in the management of a millionaire compensation to the entrepreneur. The court case concerns the arbitration that in 2008 closed the court battle between Tapie and the bank because of the sale of the German sports brand, which happened later on, in 1993.
Her appearance before the court was announced by the French Court of Justice, in charge of judging crimes committed by ministers. The French State is involved in the process that might last until 20 December. The French Supreme Court had rejected the appeal the indictment for negligence on 22 July, on the eve of G20 in China, and less than a month before the beginning of her second term as IMF head.
Specifically, Lagarde is suspected of negligence for having entrusted the matter to the court of arbitration instead of the ordinary courts. This arbitration led to the recognition of a 400 million euros compensation for Tapie following the bank’s misconduct. The judges are also investigating the decision of the ministry -, involved in the process as the owner of the company that collected the debts of Credit Lyonnais after its nationalization – not to appeal the onerous sentence.