The Fall of Former IMF Chief: Rodrigo Rato Faces Up to 63 Years in Prison and a Fine of 42.44 Million Euros in Corruption Trial

Rodrigo Rato, the former managing director of the IMF and vice president of the Government with José María Aznar, is facing a potential 63 years in prison and a fine of 42.44 million euros in his trial against tax crimes, money laundering, and corruption charges. The Anti-Corruption Prosecutor’s Office has requested these penalties against Rato during an oral hearing in Madrid.

The Prosecutor’s Office has accused Rato of engaging in underhanded management of companies to evade taxes both in Spain and abroad since 1999 until 2015. They also accuse him of charging illegal commissions for awarding advertising contracts during his time as president of Caja Madrid and Bankia. The public ministry alleges that Rato used a complex business structure with multiple bank accounts in different countries to hide a large amount of money and financial assets.

Rato is not the only person facing charges in this case. The Prosecutor’s Office also accuses Domingo Plazas, Rato’s alleged tax advisor, and other close associates related to tax crimes, money laundering, and corruption charges. Additionally, three legal entities are also facing accusations related to the case.

The trial against Rodrigo Rato is currently at its final phase, with both sides presenting their final reports before a verdict is reached on May 6th when defense will present their final arguments before a verdict is reached.