Former IMF Chief Rodrigo Rato Sentenced for Corruption

Former IMF chief Rodrigo Rato has been sentenced to nearly five years in prison by a Madrid court for corruption-related crimes. Rato, who previously served time for embezzlement during his banking career, faces charges including tax offences and money laundering. An appeal is pending.

A Madrid court has sentenced former International Monetary Fund (IMF) chief Rodrigo Rato to nearly five years in prison for corruption-related crimes, marking another chapter in his legal troubles. Rato, 75, has already spent two years in prison over a separate embezzlement case linked to his tenure as chairman of Bankia, which was marred by allegations of misuse of funds.

Convicted after a year-long trial, Rato faces charges including tax offences against Spanish authorities, corruption involving private sector individuals, and money laundering. The court handed him a sentence of four years, nine months, and one day. Rato's immediate future remains uncertain, as he'll not serve any time yet pending an appeal to the Supreme Court, according to a court representative.

Throughout the nine-year investigation, Rato denied any wrongdoing, defending against 11 charges for which prosecutors sought a 63-year sentence. His legal team attempted to dismiss the case, citing alleged rights violations during a 2015 home search. Additionally, Rato has been ordered to pay fines exceeding two million euros and a sum to the tax authorities, reflecting further financial penalties for his role in this high-profile case.

(With inputs from agencies.)