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IMF: Lagarde can remain as chief despite conviction

Associated Press

Paris — Christine Lagarde can 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 announced that it “reaffirms its full confidence in the managing director’s ability to continue to effectively carry out her duties.” It praised her “outstanding leadership.”

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.