Ex-IMF chief Rodrigo Rato appeared in court for fraud

Moscow. 2 February. Former managing Director of the International monetary Fund and ex-Minister of economy of Spain Rodrigo Rato appeared in court on charges of credit card fraud.

The Supreme court of Spain on Monday said that opens a case against Rato and several dozen people who have used credit card of the Bank Bankia to pay his own costs. All of them were included in the Board of Directors or in the management of the Bank, reports the BBC.

The prosecution is seeking to Rato 4.5 years of imprisonment.

As head of the IMF, Rato was from 2004 to 2007. In 2010 he became Director of Bankia, but two years later resigned from this post.

After he left, Bankia faced serious financial problems and has requested assistance from the government. Then it turned out that the Bank had problems with reporting. As a result Bankia was partially nationalized.

Help the banking system of Spain had to provide funds from the European Union. It has become one of the turns of the Eurozone crisis, but Spain itself was on the verge of a banking crisis.

Launched an investigation into the Bank’s share placement on the stock exchange in mid-2011, which also took part in Rato. Many Spaniards who have bought paper of the Bank suffered serious losses.

Rato is one of the leaders of the popular party of Spain. Former official denies all the charges.