Would you like to receive notifications on latest updates of the following headlines?

Ex-IMF Chief Rato Bags Four-Year Jail Term for Tax Fraud

POSTED ON December 20, 2024 •   Breaking News      BY Ebiakuboere England
Former Chief of the International Monetary Fund Rodrigo Rato- Photo Credit BBC

A Madrid court sentenced Rodrigo Rato, the former chief of the International Monetary Fund, to more than four years in prison on Friday for corruption, money laundering, and tax violations.

Rato, a former Spanish economics minister, was convicted of "three offenses against the treasury, one offense of money laundering, and one offense of corruption between individuals," according to a court statement.

Throughout the nine-year inquiry, Rato, who has already served two years in prison for a separate embezzlement case while acting as chairman of Spanish lender Bankia, has denied any wrongdoing.

Rato will not be required to serve any prison time until the decision is confirmed, according to a court official, because it can be challenged by the Court.

Rato, 75, who led the IMF from 2004 to 2007 and Bankia from 2010 to 2012, had already served two years in prison after being convicted in 2017 of misusing Bankia credit cards to buy diamonds, trips, and expensive apparel.

In the most recent corruption case, prosecutors demanded a total jail sentence of 63 years for the 11 charges against him.

Rato's lawyer, Ms Maria Masso of Baker McKenzie, sought the court to dismiss the accusations in 2023, claiming that Rato's rights were violated during a 2015 home search and that the evidence obtained during the raid should be thrown away.

The court also ordered Rato to pay almost €2 million (S$2.8 million) in fines and €568,413 to tax officials.

Rato, who was deputy prime minister in the conservative People's Party government from 1996 to 2004, was cleared of a second fraud trial in 2012 involving Bankia's listing.

 

READ ALSO
FG launch Alau Dam with 80bn reconstruction fund
BY Abiodun Saheed Omodara March 2, 2025 0

Borno, Nigeria (NAN) - The federal government, through the Federal Ministry of Water Resources and S...

READ ALSO
Investing Beyond Oil: PANDEF proposes development initiatives for cross river state
BY Abiodun Saheed Omodara February 19, 2025 0

Niger Deltans, represented by the Pan Niger Delta Forum (PANDEF), have urged the Federal Government...

READ ALSO
NERC unveils revised order to combat electricity theft, meter tampering
BY Abiodun Saheed Omodara February 19, 2025 0

The Nigerian Electricity Regulatory Commission (NERC) has launched a revised order designed to minim...

READ ALSO
Tinubu  shows commitment to environmental protection
BY Abiodun Saheed Omodara February 19, 2025 0

President Bola Tinubu has committed to intensifying his efforts in protecting the environment and pr...

READ ALSO
NDLEA's new base in Adamawa aims to fortify drug law enforcement
BY Abiodun Saheed Omodara February 19, 2025 0

The federal government has officially opened the first barracks for the National Drug Law Enforcemen...

READ ALSO
JUST IN: Tinubu arrives in Ethiopia for 38th African Union Summit
BY Abiodun Saheed Omodara February 14, 2025 0

President Bola Tinubu has arrived in Addis Ababa, Ethiopia, to take part in the 38th Ordinary Sessio...

READ ALSO
FG unveils plans to recapitalize BOA for enhance food security
BY Abiodun Saheed Omodara February 12, 2025 0

ABUJA, Nigeria - The federal government has revealed plans to recapitalize the Bank of Agriculture (...

READ ALSO
Domestic refiners challenge crude producers over lack of allocations
BY Abiodun Saheed Omodara February 10, 2025 0

Access to crude oil for domestic refiners, including modular refineries, has remained nearly nonexis...

OUR CHANNELS:

FG launch Alau Dam with 80bn reconstruction fund
BY Abiodun Saheed Omodara March 2, 2025 0

Borno, Nigeria (NAN) - The federal government, through the Federal Ministry of Water Resources and S...


I will do everything possible’ to ensure Karaduwa State creation- Deputy Senate President
BY Abiodun Saheed Omodara March 2, 2025 0

Deputy Senate President Barau Jibrin expressed his backing on Saturday for establishing Karaduwa Sta...


UAE declares march 1 as start of Ramadan 2025
BY Abiodun Saheed Omodara March 2, 2025 0

In a significant announcement, the United Arab Emirates' Ramadan Crescent Moon Sighting Committee ha...


JUST IN: Supreme Court nullifies Rivers council election, dismissing 23 APP chairmen
BY Abiodun Saheed Omodara March 2, 2025 0

RIVERS, Nigeria - Five months following the Rivers State Council election, the Supreme Court has dis...


Meranda denies police claims of full security restoration
BY Abiodun Saheed Omodara March 2, 2025 0

The Speaker of the Lagos State House of Assembly, Mojisola Meranda, has disclosed that the Nigerian...


Table tennis stars secure ITTF world cup spots at 2025 Africa cup semifinals
BY Abiodun Saheed Omodara March 2, 2025 0

AFRICA- Africa's leading table tennis players have secured their spots in the 2025 ITTF World Cup by...


Nigerian Rugby takes center stage as UMBRO, NRFF launch official team apparel
BY Abiodun Saheed Omodara March 2, 2025 0

In a landmark development that intertwines sports, fashion, and culture, UMBRO Sports has formed a p...


Osimhen's future in limbo as Napoli aims for permanent transfer amid premier league interest
BY Abiodun Saheed Omodara February 28, 2025 0

The director of Napoli, Giovanni Manna,has disclosed that the club is “endeavoring to find a s...


S’Africa support Tshabalala's candidacy for AfDB, aiming for economic transformation
BY Abiodun Saheed Omodara March 3, 2025 0

The government of South Africa has shown its support for financial strategist and former Senior Vice...


Action against illegal dredgers: LASG commits to sustainable development
BY Abiodun Saheed Omodara March 2, 2025 0

LAGOS, Nigeria - The Lagos State government, via the Ministry of Waterfront Infrastructure Developme...


More Articles

Load more...

Menu