Ex-IMF Chief Rato Sentenced to Prison in Corruption Case

Former IMF head Rodrigo Rato, convicted of corruption offenses, receives a nearly five-year prison sentence. The Madrid court found him guilty of offenses against Spanish tax authorities and money laundering. Despite pending appeal, Rato, who denied wrongdoing, faces fines exceeding two million euros.

A Madrid court handed down a nearly five-year prison sentence to former International Monetary Fund chief Rodrigo Rato on Friday, finding him guilty of corruption offenses.

Rato, who has consistently denied any wrongdoing throughout a protracted nine-year investigation, called the ruling 'unfair' and plans to appeal. He has already served two years in prison in a separate case of embezzlement during his time as chairman of Spanish bank Bankia.

The court convicted Rato of offenses against Spanish tax authorities, corruption involving individuals outside the public sector, and money laundering. However, a Supreme Court appeal may prevent immediate imprisonment. The court also imposed fines exceeding two million euros on Rato.

(With inputs from agencies.)