Former IMF Chief Rodrigo Rato Faces 63 Years in Prison in Corruption, Tax Fraud Scandal

Rodrigo Rato, the former managing director of the IMF and vice president of the Government with José María Aznar, is facing potential 63 years in prison and a fine of 42 million euros in connection with tax crimes, money laundering, and corruption. The Prosecutor’s Office has requested these penalties against Rato during an oral hearing in Madrid.

According to the public ministry, 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. The Prosecutor’s Office also accuses him of charging illegal commissions for awarding advertising contracts during his time as president of Caja Madrid and Bankia.

Rato is not alone in this case. 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 against Rodrigo Rato is in its final phase, with the accused and other defendants presenting their final reports before the court. The defense will have their final arguments on May 6 before a verdict is reached.