A court in Madrid has handed down a sentence to former International Monetary Fund chief Rodrigo Rato, stating that he will serve four years, nine months, and one day in prison for a range of corruption-related offenses. This decision was announced in a statement released by the court on Friday. Rato had previously served a two-year prison sentence in connection with a separate embezzlement case linked to his time as chairman of the Spanish bank, Bankia. Throughout the nine-year investigation, Rato has consistently maintained his innocence.
After a lengthy trial lasting one year, the court found Rato guilty on three charges related to defrauding the Spanish tax authorities, as well as offenses involving money laundering and private-to-private corruption. It was clarified by a court spokesperson that due to the possibility of appealing the decision to the Supreme Court, Rato will not be required to begin serving his prison term immediately. Instead, he will remain free until a final ruling is reached.
Rato, who held leadership positions at the IMF from 2004 to 2007 and at Bankia from 2010 to 2012, had previously been incarcerated for misuse of Bankia credit cards, which were used to purchase luxury items such as jewelry, vacations, and high-end clothing. Following his 2018 conviction, he spent two years behind bars for those offenses.
