Rodrigo Rato, the former managing director of the IMF and vice president of the Government with José María Aznar, is facing a potential 63 years in prison and a fine of 42.44 million euros if convicted in an ongoing trial for tax crimes, money laundering, and corruption. The Anti-Corruption Prosecutor’s Office has accused Rato of engaging in underhanded management of companies to evade taxes both in Spain and abroad since 1999 until 2015.
The prosecution alleges that Rato used a complex business structure with multiple bank accounts in different countries to hide a large amount of money and financial assets. Additionally, they accuse him of charging illegal commissions for awarding advertising contracts during his time as president of Caja Madrid and Bankia. Domingo Plazas, Rato’s alleged tax advisor, and other close associates are also facing charges related to tax crimes, money laundering, and corruption.
The trial against Rato is in its final phase, with the accused and other defendants presenting their final reports before the court. The Prosecutor’s Office has also requested a fine of 42 million euros for Rato on top of his potential sentence. The defense team will present their final arguments before a verdict is reached on May 6th.