Former IMF managing director Rodrigo Rato was sentenced in Spain to nearly five years in prison for corruption, money laundering and tax crimes.
A Spanish court sentenced former IMF managing director Rodrigo Rato on Friday to four years, nine months and one day in prison for tax crimes, money laundering and private-sector corruption.
The ruling was issued by the High Court of Justice of Madrid, which also ordered Rato to pay fines exceeding €2 million and to reimburse more than €568,000 to Spain’s tax authority.
Rato, 75, was found guilty of committing three tax offenses between 2005 and 2015. Prosecutors argued that during that period he concealed approximately €8.5 million from Spanish authorities through a complex network of shell companies and offshore bank accounts.
The investigation identified financial structures linked to Ireland, Panama and the United Kingdom, as well as accounts in the Bahamas, Switzerland, Luxembourg and Monaco.
The former Spanish economy minister and vice president under Prime Minister José María Aznar was also convicted of money laundering and corruption between private individuals.
According to the court, Rato used sophisticated financial mechanisms to increase his personal wealth while deliberately evading tax obligations in Spain.
Following the verdict, Rato said he would appeal the decision. Speaking to Spanish newspaper ABC, he stated that he would defend his rights through legal channels and described the ruling as unfair and lacking legal foundation.
This conviction adds to Rato’s extensive legal troubles. In 2018, he was sentenced to four and a half years in prison for misappropriation of funds in a separate case linked to Bankia, the Spanish lender he chaired between 2010 and 2012. That case involved the use of company funds for personal expenses.
However, in 2020 he was acquitted of charges related to Bankia’s controversial stock market flotation, which was followed by a €22 billion public bailout. The current trial also involved 15 other defendants accused of helping Rato design the fraudulent scheme.
Spanish prosecutors had initially sought combined prison sentences totaling up to 70 years, underscoring the scale of one of the most significant financial corruption cases involving a former top Spanish official with global influence.
