Former International Monetary Fund (IMF) chief Rodrigo Rato has been sentenced by a Madrid court to four years, nine months, and one day in prison.
The ruling, delivered comes after a year-long trial that found Rato guilty of multiple offences, including corruption, tax crimes, and money laundering.
Rato, who served as the IMF's managing director from 2004 to 2007, was also a prominent figure in Spain's political landscape, having held the position of deputy prime minister in the conservative People's Party government between 1996 and 2004.
His legal troubles began with a separate embezzlement case during his tenure as chairman of Spanish lender Bankia, for which he had already served two years in prison.
The recent conviction stems from charges related to offences against Spanish tax authorities and corruption involving individuals outside the public sector. Despite the court's decision, Rato maintains his innocence.
In a statement sent through his law firm, Baker McKenzie, he described the ruling as "unfair" and announced plans to appeal the decision before the Supreme Court. As a result, he will not serve any prison time until a final ruling is made.
Prosecutors had initially sought a much harsher sentence, requesting over 60 years in prison for the 11 charges against him. However, the court ultimately imposed a sentence of nearly five years and ordered Rato to pay fines exceeding two million euros, along with an additional 568,413 euros to the tax authorities.
This case marks another chapter in Rato's controversial career, which has been marred by legal battles and allegations of financial misconduct.
In 2017, he was convicted for the misuse of Bankia credit cards, using them for personal expenses such as luxury items and vacations.
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