The head of the International Monetary Fund, Christine Lagarde, will stand trial over a state payout to the French tycoon Bernard Tapie, an appeals court has ruled.
She is charged with negligence over the award to Mr Tapie of €404m ($445m; £339m) in 2008 when she was France’s economy minister.
The case stems from Mr Tapie’s sale of his majority stake in the sports equipment company, Adidas, which was handled by the state-owned bank, Credit Lyonnais.
The businessman sued for compensation after claiming he was defrauded by the bank and received too little from the sale in 1993.
The bank steals from their client – No amount seems to sate their appetite. Everyone for themselves. No loyalty to the people who bank with them, no honesty, just naked greed at every turn.
Westpac Australia did a similar stunt some years ago.
Lady owned a mineral water company in Sydney and had racked up some sub-million debts to the bank, BUT had a large million plus payout due.
Payout arrived at the bank and they put it on term deposit without asking. Lady went to pay off her debts with the income and the bank refused because it was locked in a term deposit.
Bank initiates proceedings against the water company. Woman can’t get her money to defend herself or her company.
Bank sells the $5m company to one of their Melbourne clients for $1m.
True story. NEVER trust a bank to be honest.