IMF chief Christine Lagarde convicted by French court for misuse of funds

Lagarde was accused of failing to prevent a massive government payout to businessman Bernard Tapie while serving as France's Finance Minister

Christine Lagarde, Managing Director, International Monetary Fund, was found guilty on Monday of criminal charges linked to the misuse of public funds during her time as France’s Finance Minister.

Lagarde was accused of failing to prevent a massive government payout to businessman Bernard Tapie eight years ago.

Meanwhile Lagarde has left France for Washington and was not present for the verdict in her negligence trial.

The trial relates to a case in which Lagarde, as French finance minister, approved a 400 million euro ($417 million) state payout to a business tycoon in 2008. She has denied the negligence charges.

Her lawyer said immediately after the ruling that his team would look into appealing the decision.

The ruling risks triggering a new leadership crisis at the International Monetary Fund after Lagarde's predecessor Dominique Strauss-Kahn resigned in 2011 over a sex assault scandal.