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Former IMF chief gets four years in jail for embezzlement in Spain

Friday, March 3, 2017 9:56
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Former IMF chief gets four years in jail for embezzlement in Spain

Rodrigo Rato found guilty of misuse of corporate credit cards issued by banks whose near collapse sparked EU bailout2473

Rodrigo Rato, left, in court in September, next to Miguel Blesa, former chair of the bank Caja Madrid, who received a six-year sentence on Thursday. Photograph: Reuters

The former International Monetary Fund chief Rodrigo Rato has been sentenced to four-and-a-half years in prison for misusing corporate credit cards while in charge of two leading Spanish banks at the height of the country’s financial crisis.

Rato, also a former a Spanish economy minister and deputy prime minister, was found guilty on Thursday of embezzlement, at the end of a five-month trial at Spain’s national court.

He had been on trial with 64 other former executives and board members at Caja Madrid and Bankia banks, whose near collapse sparked an EU bailout of Spain’s financial sector.

[Source…]

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Source: http://www.philosophers-stone.co.uk/?p=18243

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