Former IMF boss Rodrigio Rato acquitted in fraud case by Spanish court

Former International Monetary Fund (IMF) chief Rodrigo Rato has been acquitted by a court on September 29 in case of fraud and falsifying financial statements of Spanish bank Bankia. Rato was the president of the Spanish lender between 2010 and 2012. Rato, along with 33 other members of the board of Bankia, was accused of accounting irregularities. The Spanish court on Tuesday acquitted all 33 people, including Rato. 

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The court on Tuesday said that the stock market listing, over which Rato and others were being tried, was done after the approval of all supervisory bodies. The court said that among the bodies that gave approval to the listing were Spain's Central Bank, and the stock market regulator, CNMV. The court further added that the information provided to the investors on the bank's finances were not falsified. 

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Rato still in prison

Rato, however, is serving a four and a half years of prison term in another case related to credit card fraud, Rato made personal purchases using a secret corporate credit card of Bankia and all the purchases were made during the last months of his presidency. As per reports, Rato made a purchase of over €3,500 in one day on alcoholic beverages and bought a shoe worth €1,000. He also withdrew cash from the card on several occasions, mostly over €1,000. 

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In 2017, Rato was convicted and sent to prison for four and a half years by a High Court in Spain. His sentence was later confirmed by the Supreme Court of the country in 2018 and since then he is serving his term. Rato was Managing Director of the IMF from 2004 to 2007 and was Minister of Economy in Spain before that. 

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(With inputs from AP) Image Credit: AP