Former IMF Head Rodrigo Rato Sentenced to Over Four Years in Prison on Corruption Charges - Court of Spain

Former IMF Head Rodrigo Rato Sentenced to Over Four Years in Prison on Corruption Charges - Court of Spain

 A Spanish court has sentenced former International Monetary Fund (IMF) head Rodrigo Rato to over four years in prison for charges of tax evasion, money laundering, and corruption.

On Friday, the court announced that Rato was found guilty of three counts of tax evasion, one count of money laundering, and one count of corruption involving individuals.

In addition, Rato has been ordered to pay a fine of two million euros ($2.08 million) and 568,413 euros ($591,330) to the Spanish tax authorities.

Rato, who served as the IMF head from 2004 to 2007 and as the chairman of Spain’s Bankia from 2010 to 2012, has denied all the charges against him during the nine-year investigation.

The court stated that the ruling against Rato could be appealed in the Supreme Court, and therefore, he will not have to serve prison time for now.