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IMF board expresses confidence in Lagarde

WASHINGTON (AP) -- The executive board of the International Monetary Fund is expressing confidence 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 says 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.

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