Former IMF Chief Rodrigo Rato receives a jail sentence for tax crimes in Spain.
A Madrid court on Friday sentenced former IMF chief and Spanish economy minister Rodrigo Rato to more than four years in prison for tax crimes, money laundering, and corruption. This decision follows Rato’s 2018 sentence of four and a half years for misappropriating funds during his tenure at a bank.
Prosecutors accused Rato of defrauding the Spanish tax office and enriching himself illegally by 8.5 million euros from 2005 to 2015. The court found him guilty of three counts against the Treasury, one count of money laundering, and one count of corruption between individuals.
#FPWorld: A Madrid court has sentenced former International Monetary Fund chief Rodrigo Rato to four years, nine months and a day in prison for various crimes related to corruption, the court said in a statement on Friday.https://t.co/62hLw1RgwE pic.twitter.com/SJ5gcz4D9I
— Firstpost (@firstpost) December 20, 2024
The judges sentenced Rato to four years, nine months, and one day and fined him more than two million euros ($2.1 million). He can appeal the decision to the Supreme Court.
Rato served as economy minister and deputy prime minister under Jose Maria Aznar’s conservative government before leading the International Monetary Fund from 2004 to 2007. He later became the head of Spanish lender Bankia, where he misused company credit cards for personal expenses between 2010 and 2012. This led to his initial 2018 jail term. In late 2020, he was transferred to a semi-open prison regime.
The scandal surrounding Bankia emerged during a severe economic crisis in Spain, causing public outrage. This sentiment intensified when the government allocated 22 billion euros to bail out the struggling bank, which had become a symbol of financial excess.