Former IMF Chief Faces 63 Years in Prison for Alleged Tax Evasion: Rodrigo Rato’s Case

Rodrigo Rato, a former managing director of the IMF and vice president of the Government with José María Aznar, has been requested 63 years in prison by the Anti-Corruption Prosecutor’s Office for allegedly illicitly acquiring his fortune. The request was made during an oral hearing in the Madrid Court against Rato. In addition to prison time, the public ministry has also demanded a fine of 42 million euros.

According to the prosecution, Rato engaged in underhanded management of companies to avoid taxes both in Spain and abroad. The prosecution claims that Rato intentionally sought to evade paying taxes using a network of interrelated companies and bank accounts in various countries. Furthermore, the prosecution alleges that Rato charged illegal commissions during his time as president of Caja Madrid and Bankia.

The trial against Rato is nearing its conclusion, with final reports expected from both sides on May 6th. In addition to Rato, the Anticorruption Prosecutor’s Office has accused 12 other individuals and three legal entities in the case. The trial began in December and has seen months of testimony and expert examinations.

The prosecution not only focuses on Rato but also accuses individuals in his close circle, including his former tax advisor, secretary, and trusted associate. The prosecution requests prison sentences for these individuals for tax crimes, money laundering, and corruption in business. The trial will continue with final reports and the opportunity for the accused to give their last words before a verdict is reached.

In summary, Rodrigo Rato faces 63 years in prison for alleged illicit origin of his fortune through underhanded management of companies to evade taxes both in Spain and abroad as well as charging illegal commissions during his time as president of Caja Madrid and Bankia. Additionally, individuals close to him are also being accused for tax crimes, money laundering and corruption in business by the Anticorruption Prosecutor’s Office.