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

A Madrid court has sentenced former International Monetary Fund (IMF) chief Rodrigo Rato to four years, nine months, and one day in prison for multiple crimes related to corruption, according to a statement issued by the court.

Rato, who has consistently denied any wrongdoing during the nine-year investigation, had already served two years in prison in a separate embezzlement case tied to his role as chairman of Spanish lender Bankia. The court’s latest decision followed a year-long trial, which concluded with Rato being convicted on three counts of offences against Spanish tax authorities, as well as charges of money laundering and private-to-private corruption.

While the court has handed down the sentence, a spokesperson clarified that Rato will not serve any prison time until a final ruling is made, as the decision can be appealed before Spain’s Supreme Court.

Rato, who served as IMF chairman from 2004 to 2007 and led Bankia between 2010 and 2012, has faced mounting legal troubles in recent years. His earlier conviction in 2018 resulted in a two-year prison sentence for the misuse of Bankia credit cards to finance personal expenses, including the purchase of jewels, luxury holidays, and expensive clothing.

The latest verdict adds another chapter to the controversies surrounding Rato’s tenure in prominent financial and political roles.

By fLEXI tEAM