Former IMF Chief Faces 63 Years in Prison over Alleged Tax Fraud and Corruption in Spain

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 million euros after being accused of tax crimes, money laundering, and corruption. The Prosecutor’s Office has requested that he be convicted for these charges.

The public ministry alleges that Rato engaged in underhanded management of companies to evade taxes both in Spain and abroad since 1999 until 2015. He used a complex business structure with multiple bank accounts in different countries to hide a large amount of money and financial assets. Additionally, he is accused of charging illegal commissions for awarding advertising contracts during his time as president of Caja Madrid and Bankia.

Rato’s trial is in its final phase, with the accused presenting their final reports before the court. The Prosecutor’s Office also accuses 12 other individuals and three legal entities in connection with the case. Domingo Plazas, Rato’s alleged tax advisor, and other close associates are facing charges related to tax crimes, money laundering, and corruption. The trial will resume on May 6th with the defense presenting their final arguments before a verdict is reached.