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 president of Spanish lender between 2010 and 2012. Rato, along with 33 or members of board of Bankia, was accused of accounting irregularities. Spanish court on Tuesday acquitted all 33 people, including Rato. 

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

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Rato still in prison

Rato, however, is serving a four and a half years of prison term in ar case related to credit card fraud, Rato me personal purchases using a secret corporate credit card of Bankia and all purchases were me during last months of his presidency. As per reports, Rato me a purchase of over €3,500 in one day on alcoholic bevers and bought a shoe worth €1,000. He also withdrew cash from 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 Supreme Court of country in 2018 and since n he is serving his term. Rato was Managing Director of IMF from 2004 to 2007 and was Minister of Ecomy in Spain before that. 

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(With inputs from AP) Im Credit: AP