Sun, Sep 21, 2014
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. SEC charges 19 investment firms and one trader for breach of Rule 105[more]

    Benedicte Gravrand, Opalesque Geneva: The Securities and Exchange Commission (SEC) started a push to enhance the enforcement of Rule 105 of Regulation M last year to uncover hedge funds and private equity firms that have illegally participated in an offering of a stock after short selling it duri

  2. Fund managers, bullish on Europe, anticipate monetary policy separation of Fed and ECB[more]

    Komfie Manalo, Opalesque Asia: At least 202 fund managers with $556bn of assets under management said that while the European Central Bank (ECB) has eased its monetary policy that sent sentiments towards Europe to pick up, the Fed is expected to hike its rate in the spring of 2015. Investor

  3. Institutions - North Carolina workers call on state pension to dump up to $6bn in hedge funds, UK pension fund criticizes hedge fund fees[more]

    North Carolina workers call on state pension to dump up to $6bn in hedge funds From Forbes.com: The State Employees Association of North Carolina this afternoon called on state Treasurer Janet Cowell to withdraw all investments in hedge funds, which appear to amount to approximately $6 b

  4. News Briefs - Limited partners of investment managers may be subject to self-employment taxes, Just one week left until NYC's Rocktoberfest[more]

    Limited partners of investment managers may be subject to self-employment taxes On September 5, 2014, the Internal Revenue Service (“IRS”) issued Chief Counsel Advice 201436049, concluding that members of an investment manager were subject to self-employment taxes with respect to their e

  5. Institutions - Adviser's faith in hedge funds unshaken by CalPERS' move Advisers weigh in on CalPERS’ decision, Gina Raimondo sees no reason to follow California’s lead, exit hedge funds, Danish pension funds step up 'alternative investments'[more]

    Adviser's faith in hedge funds unshaken by CalPERS' move From WSJ.com: Financial advisers who use hedge funds in their clients' portfolios say they aren't rethinking that approach after a huge California pension fund announced plans to exit the hedge-fund market. The decision by the Cali