Former IMF boss jailed in Spain

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HIGH RANKING: Rato is former head of the IMF. Photo Credit; Wikimedia commons

A SPANISH former head of the International Monetary Fund has been told he will have to serve jail time for fraud.

The Spanish Supreme Court has ruled that Rodrigo Rato must serve a four-and-a-half year sentence, and as it is for more than two years it will not be automatically suspended.

The high-ranking politician – he is a former Deputy Prime Minister and Economy Minister – was convicted in 2017 of improperly using company credit cards while working for Bankia, the state-owned bank.

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A total of 64 executives from the bank have been convicted of using company cards to pay for jewels, holidays and designer clothes, and everyday living expenses worth a total of €12 million between 2003 and 2012.

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