Tue, Mar 31, 2015
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. Other Voices: Does the hedge fund industry benefit society?[more]

    This article was authored by Don Steinbrugge, Chairman of Agecroft Partners, a US-based global consulting and third party marketing firm for hedge funds. It is no secret that the hedge fund industry is viewed negatively by a la

  2. Private credit comes into focus for investors[more]

    Bailey McCann, Opalesque New York: As investors look for a way out of the low yield/no yield environment, private credit is becoming an increasingly attractive asset class, according to a white paper from Bayshore Capital Advisors. Private credit has grown steadily since the financial crisis as

  3. Other Voices: The role of diversification in CTA portfolios[more]

    2014 brought a resurgence of managed futures strategies, or CTAs, which performed very well as a whole, outperforming all other hedge fund strategies. However, a closer look reveals that there was a wide range of performance, or return dispersion, across managers. The bottom line? Not all CTAs

  4. Neuberger Berman unit buys 20% stake in activist hedge fund Jana Partners for $2bn[more]

    Komfie Manalo, Opalesque Asia: Neuberger Berman’s unit Dyal Capital Partners bought a 20% stake in activist hedge fund firm Jana Partners worth $2bn, WSJ.com reports. The deal comes as activi

  5. Hedge fund launches fall again, $1bn funds found to outperform even smaller hedge funds[more]

    Komfie Manalo, Opalesque Asia: The number of new hedge fund launches fell again in 2014, the third consecutive year of decline, while fund liquidations saw their first drop since 2010, according to the latest HFR Market Microstructure Industry Report released by industry data provider HFR. Acc

 

banner