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Former IMF director and Spanish minister detained accused of fraud

Friday, April 17th 2015 - 03:26 UTC
Full article 6 comments
Magistrates are investigating alleged widespread misuse of company credit cards for personal expenses during Rato's tenure as chairman of bailed-out Bankia. Magistrates are investigating alleged widespread misuse of company credit cards for personal expenses during Rato's tenure as chairman of bailed-out Bankia.
Rato was also Economy minister during conservative president Jose Maria Aznar's administration Rato was also Economy minister during conservative president Jose Maria Aznar's administration

The former director of the International Monetary Fund (IMF), Spaniard Rodrigo Rato, has been detained by police in Madrid. Rato, who has also been Economy Minister during Spanish President José María Aznar’s administration, is accused of money laundering and fraud.

 Following a decision by a Madrid judge, local police first searched his house in the Spanish capital and then apprehended Rato.

Spain's state prosecutor had requested the search of Rato's home as part of an investigation involving the former IMF managing director and “other people”, according to the brief court statement in which further details were not provided.

Two official sources separately confirmed that a search at his home had focused on details of Rato's personal wealth.

Magistrates are investigating the alleged widespread misuse of company credit cards for personal expenses during Rato's tenure as chairman of bailed-out Bankia.

Rato is also one of several former managers under investigation for fraud as courts separately decide whether Bankia's 2011 stock market flotation was flawed. He denies wrongdoing.

Categories: Politics, International.

Top Comments

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  • golfcronie

    “ He denies wrongdoing” of course he does, he has not had a trial and been convicted. Not likely to say “ Ok Guv you got me bang to rights I did it ” is he?
    Another Latino must be in the bloodline.

    Apr 17th, 2015 - 07:47 am 0
  • Stevie

    This is the IMF. Some 75℅ of IMF investments go to Europe and USA. These are your Rats.

    Try to smear it off on the Latins, all while reaping the fruit of corruption...

    No wonder your perceived corruption is so low.

    Apr 17th, 2015 - 08:34 am 0
  • ChrisR

    Ha, ha, ha, ha, Breakdowns R Us, you are FUNNY. Stupid but FUNNY.

    Apr 17th, 2015 - 11:59 am 0
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