27 February 2017
Rodrigo Rato, former IMF Chief, was found guilty of misuse of corporate credit cards issued by the bank that he was heading. He was sentenced to 4 ½ years in jail. According to AFP, 64 other former executives and board members at Caja Madrid and Bankia banks have been on trial for various charges of misuse of bank funds. Rodrigo Rato oversaw both these banks during Spanish financial crisis. These banks were subsequently rescued by the government.
According to the indictment, the defendants had spent a total of Euros 12 million in unauthorised purchases and expenses.
Rodrigo Rato’s name appeared in the Panama Papers. He is alleged to have used two offshore companies to avoid taxes.
Rodrigo Rato was deputy prime minister of Spain from 2003 to 2007. He was economy minister prior to that. He is politically well connected. He is currently free pending his appeal.
His predecessor Miguel Blesa was given a six-year prison sentence on Thursday.

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