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    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

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    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

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    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

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    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

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IMF chief Christine Lagarde convicted over payout

bycitibusinessnews
December 19, 2016
in Asia, Europe, Middle East, Southern Africa, Top Stories, US, West Africa
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A French court has found International Monetary Fund chief Christine Lagarde guilty of negligence but did not hand down any punishment.

As French finance minister in 2008, she approved an award of €404m ($429m; £340m) to businessman Bernard Tapie for the disputed sale of a firm.

Lagarde, who always denied wrongdoing, was not present in court, having left France for Washington.

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The IMF board is to meet “shortly” to consider the latest developments.

On Friday, Lagarde told the trial she had always acted in good faith.

Verdicts of the Court of Justice of the Republic (CJR) are not subject to appeal, French media say.

Nonetheless, Lagarde’s lawyer said his team would consider appealing, Reuters news agency reports.

Lagarde replaced Dominique Strauss-Kahn as IMF managing director in 2011.

Mr Strauss-Kahn – also a former French finance minister – resigned following his arrest in New York on charges of sexual assault that were later dropped.

Another former IMF head, Rodrigo Rato of Spain, is currently standing trial on charges of misusing funds when he was head of Spanish lender Bankia.

Public outcry

Lagarde, 60, was tried on charges of “negligence by a person in position of public authority”.

Accused of allowing the misuse of public funds, rather than actual corruption, she could potentially have been sentenced to a year in prison.

The CJR is composed mostly of politicians rather than judges, and handles allegations of crimes committed by cabinet ministers in office.

The case originates in the early 1990s, when Mr Tapie was a majority shareholder in sports goods company Adidas.

After launching a political career and becoming a cabinet minister in Francois Mitterrand’s Socialist government in 1992, Mr Tapie had to sell the company

In 1993, he sued Credit Lyonnais, a state-owned bank that handled the sale, alleging that the bank had defrauded him by deliberately undervaluing the firm.

By 2007, the long-running case was referred to binding arbitration by Lagarde, who at that time was finance minister under conservative President Nicolas Sarkozy.

A three-member panel awarded the compensation a year later, causing a public outcry.

Last year, after eight more years of legal wrangling, a French court ruled that Mr Tapie had not been entitled to compensation and should repay the €404m.

–

Source: BBC

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