Updated: 20/12/16 : 05:03:09
Printable Version   Bookmark and Share Share This


Sligo boss could still cost 'moneybags' her job

THE FORMER owner of Hanson's factory in Cleveragh could still cost one of the world's most powerful women her job in 2017.

Christine Lagarde was found guilty in a negligence trial by a French court yesterday, Monday.

It concerned her role as a government minister in a €405 million euro payout to businessman Bernard Tapie.

Currently, she is managing director of the International Monetary Fund -- the IMF.

Its executive board will meet shortly to consider yesterday's decision.

No Jail

The good news for Lagarde -- if there is any -- is that she will not be going to jail -- one of the potential penalties she faced.

Lagarde was accused of improperly signing off on the decision to allow an out-of-court arbitration to Mr Tapie.

He was a supporter of former president Nicolas Sarkozy and also a football club magnate.

Tapie specialised as a shrewd buyer of businesses when they hit bad times and then sold them, at a profit later.

One such enterprise was the Hanson factory at Cleveragh which made precision instruments.

Adidas Shares

These included clocks and weighing scales for the export market.

Another such business was the famed sportswear company, Adidas.

Lagarde was France's finance minister when Tapie got multi company after a bank sold his Adidas shares when he became a government minister.

One judge said Lagarde showed she was negligent by not seeking to overturn an arbitration ruling in Mr Tapie's favour.

That ruling had ordered the original €405 million state payout to him.

An appeals courts has since thrown out the settlement decision.

Link: See Sligo Today 13/12/2016.