International Monetary Fund (IMF) chief, Christine Lagarde have been found guilty of negligence by a French court but no punishment have been handed to her.

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.

Mrs Lagarde, who have kept declaring her innocence, wasn’t present in court, having left France for Washington D.C.

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.

This is the third IMF head who has now been charged.

The former finance minister 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.

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.

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.