Former IMF Chief Rodrigo Rato Sentenced to Nearly ...

Former IMF Chief Rodrigo Rato Sentenced to Nearly Five Years in Prison for Corruption

Zim Now Writer

A Madrid court has sentenced Rodrigo Rato, the former chief of the International Monetary Fund, to four years, nine months, and one day in prison for corruption-related offenses. The verdict, announced on Friday, marks another legal setback for Rato, who previously served two years in prison for a separate embezzlement case.

The court found Rato, 75, guilty of multiple charges, including: offenses against Spanish tax authorities, corruption involving private-sector individuals.

The court also ordered Rato to pay fines totaling over €2 million ($2.08 million) and an additional €568,413 to Spanish tax authorities.

Rato has denied any wrongdoing and plans to appeal the ruling. In a statement through his law firm, Baker McKenzie, he called the decision "unfair." Due to the pending appeal, Rato will not serve prison time until a final Supreme Court ruling is made.

His defense team previously sought to annul the charges, arguing that evidence obtained during a 2015 raid on his home violated his rights.

IMF and Bankia Roles: Rato chaired the IMF from 2004 to 2007 and led Spanish lender Bankia from 2010 to 2012.

Prior Conviction: In 2017, he was sentenced to two years in prison for misusing Bankia credit cards to fund personal expenses, including luxury items and vacations.

In the recent case, prosecutors initially sought a 63-year sentence for 11 charges, though Rato was acquitted in a separate trial related to Bankia’s 2012 stock market listing.

Rato’s legal troubles have tarnished his legacy as a prominent figure in Spain’s conservative People's Party (PP), where he served as deputy prime minister from 1996 to 2004. His tenure at Bankia, marred by scandals, also contributed to Spain's financial crisis and a €22 billion bailout.

As the case unfolds, Rato faces significant fines and further scrutiny while maintaining his innocence.