Ex-IMF chief Rato starts jail term in Spain for graft

MADRID: Former IMF chief Rodrigo Rato apologised to “society” just before he began a jail sentence in Spain for misusing funds in a case that sparked outrage at the height of the country’s economic crisis.

Rato, a former Spanish economy minister, was found guilty in 2017 of paying for personal expenses with credit cards put at his disposal when he was the boss of Caja Madrid and Bankia, at a time when both banks were in difficulty. The case shocked Spain, where it was uncovered at the height of the crisis that left many people struggling financially. Bankia later had to be nationalised. The 69-year-old had been free on bail pending an appeal but Spain’s Supreme Court last month confirmed his sentence of four years and six months. “I ask for forgiveness to society and those people who may feel disappointed or affected,” Rato told reporters before entering the Soto del Real prison north of Madrid.

A spokeswoman for Spain’s prison system confirmed Rato entered the jail just after one pm (1100 GMT). He was economy minister and deputy prime minister in the conservative government of Jose Maria Aznar from 1996 to 2004, before going on to head the International Monetary Fund until 2007.