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IMF board expresses confidence in Lagarde

Published on NewsOK Modified: August 29, 2014 at 4:32 pm •  Published: August 29, 2014

WASHINGTON (AP) — The executive board of the International Monetary Fund expressed confidence Friday in IMF Managing Director Christine Lagarde after receiving a briefing on a French corruption probe in which Lagarde is being investigated.

In a brief statement, the 24-member board said it continues to have "confidence in the managing director's ability to effectively carry out her duties."

Lagarde called the investigation "without basis" after answering questions before magistrates in Paris on Wednesday. She and her former chief of staff are facing questions about their role in an arbitration ruling that handed 400 million euros ($531 million) to French businessman Bernard Tapie.

Tapie had sued French bank Credit Lyonnais for its handling of the sale of his majority stake in sportswear company Adidas in the mid-1990s.

In her statement Wednesday, Lagarde said that after three years of proceedings and dozens of hours of questioning, the court had found no evidence that she had done anything wrong and that the only remaining allegation "is that I was not sufficiently vigilant."

She said she was returning to Washington and her work at the IMF.

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