Police search IMF chief home in Paris

The French police have searched the home of the managing director of the International Monetary Fund (IMF) in Paris to investigate about a scandal.

On Wednesday, Christine Lagarde’s home was searched for a scandal involving former French President Nicolas Sarkozy, and French tycoon Bernard Tapie in 2007, AFP reported.

The search was related to a decision by Lagarde, the then finance minister, to ask an arbitration panel to rule on a dispute between Tapie, also a former government minister, and the collapsed bank Credit Lyonnais in 2007.

She ordered a 367-million dollar payment to the French billionaire, who was also Sarkozy’s supporter.

She made the decision despite objections by her adviser.

The French police said Lagarde denied committing any unlawful activity.