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 for tax fraud, money laundering, and corruption.
The court found Rato guilty of three offenses against the Spanish Treasury, one count of money laundering, and one count of corruption between individuals.
In addition to the prison sentence, he was fined over two million euros and ordered to pay 568,413 euros to tax authorities.
This verdict follows a nine-year investigation into Rato’s financial activities. Notably, Rato, who led the IMF from 2004 to 2007 and served as Spain’s Deputy Prime Minister from 1996 to 2004, previously spent two years in prison for embezzlement during his tenure as chairman of the Spanish lender Bankia.
Rato’s legal team has indicated plans to appeal the latest conviction. Until the appeal process is concluded, he will not immediately serve the new prison term.
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