International

Former IMF Managing Director Rodrigo Rato released from prison and kept electronic bracelet – Observer

Spanish courts have granted former IMF Managing Director and former Spanish Minister of Economy Rodrigo Rato a semi-parole regime, serving a four-and-a-half-year prison sentence for corruption.

The detainee is expected to leave the prison where he is being held in Madrid in the next few hours or days, to be checked using an electronic bracelet, but the decision opens the door to a request for parole, due to his age (71 years) and health problems. The judiciary took this decision after, last Tuesday, Rodrigo Rato was acquitted of another case, that of the entry of Bankia on the stock market in 2011, in which he was also suspected of fraud. The judge explains that the decision is made precisely because he was acquitted in this case, that he is doing well in prison and that he has already paid the civil liability for the sentence to which he was sentenced.

The former Managing Director of the IMF and former Spanish Minister of the Economy was sent to prison in October 2018 to serve a four and a half year sentence for his involvement in the financial scandal of the “black cards” of the Caja Madrid bank. The former banker was convicted in February 2017 for embezzling funds from Caja Madrid, now called Bankia, the entity he chaired from 2010 to 2012.

The “black cards” scandal (black in English, the color of credit cards) was a ploy that Caja Madrid gave to its leaders and people it trusted, to pay its personal expenses without limit and without declaring anything to the authorities. fiscal.

Rodrigo de Rato was a member of the Popular Party (right) which kicked him out following this financial scandal.

The economist was vice-president and minister of the economy in the government of José María Aznar, between 1996 and 2004, and managing director of the International Monetary Fund (IMF), from June 2004 to June 2007.

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