Mon, Jun 26, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

IMF chief Strauss-Kahn denied bail, to face grand jury

Monday, May 16, 2011
Opalesque Industry Update – International Monetary Fund chief Dominique Strauss-Kahn is set to face a grand jury and will remain in custody after New York Judge Melissa Jackson on Monday denied him bail on the charges that he sexually assaulted and attempted to rape a New York hotel chambermaid.

It was reported that a 23-member grand jury would decide within the next three days if there is sufficient evidence to indict Strauss-Kahn for the crimes.

But New York law professor Randolph Jonakait explained that the grand jury might move for a trial should the victim testify against the IMF chief. Should this happen, a second arraignment will be set and Strauss-Kahn will be read the charges against him. The actual trial will be set anywhere between three months and one year, unless a plea bargain agreement is reached between the prosecutors and the defense.

The case will be heard by a judge at the New York Supreme Court should the case goes into trial.

Strauss-Kahn’s lawyers failed to convince the court to release him on $1m bail and denied the allegations against the once strong contender for the French Presidency position. His arrest has already altered the political landscape in France.

His lawyers said Strauss-Kahn was not a flight risk and was having lunch with a friend inside the Manhattan hotel where the alleged incident occurred, on Saturday. The friend will testify on his behalf, the lawyers added.

But prosecutors argued that the IMF chief should remain in custody on concerns he might flee to France if released.

Media outlet The Australian quoted Judge Jackson as commenting at the manner in which Strauss-Kahn had been arrested, "When I hear that your client was at JFK airport about to board a flight that raises some concerns."

Court records showed that the 62-year-old Strauss-Kahn, allegedly "attempted to pull down the pantyhose, forced her to engage in anal sexual conduct" and twice making her perform oral sex by using actual physical force,” on a 30-year-old chambermaid inside the $3,000 a night suite at the Sofitel New York where the girl works.

The woman, who lives in an apartment in Bronx with her 16-year-old daughter, later identified Strauss-Kahn in a line up. She was described by her colleagues as “a good person with no criminal records.”

Meanwhile, as the Strauss-Kahn drama unfolds, the IMF’s executive board has announced on Monday that it has not made any decision on the future of their chief.

It said in a statement, "The board was briefed regarding criminal charges that have been brought against the managing director during a private visit to New York City. The IMF and its executive board will continue to monitor developments."
Precy Dumlao

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. FinTech - Rise of robots: Inside the world's fastest growing hedge funds[more]

    From Bloomberg.com: Believe the hype. Quants have never been more popular. After doubling over the past decade, assets run by so-called systematic funds have hit a record $500 billion this year, according to estimates from Barclays Plc. In some ways, their meteoric rise is due to the same technolog

  2. Legal - Bond market concerns could scuttle Paulson's Fannie-Freddie plan[more]

    From Bloomberg.com: A hedge fund proposal for freeing Fannie Mae and Freddie Mac from U.S. control is poised to face stiff opposition from investors who say it risks wrecking the mortgage-bond market. The Moelis & Co. blueprint, which firms including Paulson & Co. and Blackstone Group LP sponsored,

  3. Other Voices: Are your pricing policies and procedures for less liquid instruments adequate?[more]

    Komfie Manalo, Opalesque Asia: The unrelated position mismarking incidents that quickly precipitated the closures of both Visium Asset Management and Marinus Capital have been recent focal points for market participants, but regulatory scrutiny of valuation choices for less liquid instruments is

  4. FinTech - AI hedge fund Numerai now live on Ethereum, Cryptocurrency hedge funds generate huge returns as bitcoin surges[more]

    AI hedge fund Numerai now live on Ethereum From Cryptoninjas.net: Back in February, Numerai announced numeraire (NMR), a cryptographic token to incentivize a new kind of hedge fund built by a network of data scientists. Earlier today, the Numeraire smart contract was officially deployed

  5. Investing - Advisors slash hedge fund positions, Theravance Biopharma is a top pick of investment guru Seth Klarman, As asset management industry grows a search for new revenue streams[more]

    Advisors slash hedge fund positions From Barrons.com: Financial advisors have cut wealthy clients' exposure to hedge funds by up to one third over the past 12 months, The Financial Times reports. Advisor firms in the FT's annual top-300 ranking have reduced their hedge fund allocation to