FORMER chief of the International Monetary Fund Rodrigo Rato has begun his trial over an alleged credit card racket at Spain’s Bankia bank.
Rato and 64 other bankers allegedly used ‘unofficial’ company credit cards to make luxury purchases.
Prosecutors claim around €12 million was splashed on hotels, designer clothes, entertainment and travel, all of which were unrelated to their duties.
A lot of the spending occurred while Spain was going through one if the largest financial crises in its history.
Authorities say the purchases were not declared to the Hacienda and that the system began at Caja Madrid bank before being continued by Rato when Bankia was created in 2011.
Bankia had to be bailed out in 2012 at a huge expense to the public.
Rato has denied any wrongdoing.
- British pensioner praises Spanish local for handing him €400 he unwittingly left in cash machine on Spain’s Costa del Sol - 22 Apr, 2019 @ 15:30
- REVEALED: Which Andalucian province saw a 56% boom in property sales while Costa del Sol, Alicante and Balearics suffered DROPS - 21 Apr, 2019 @ 09:03
- BREAKING: British and Spanish children ‘almost die’ after dangerous game ends in FIREBALL on Spain’s Costa del Sol - 20 Apr, 2019 @ 21:14
- British expat robbed twice in same Costa del Sol supermarket in just 10 days loses ‘priceless’ personal mementos from dead daughter - 20 Apr, 2019 @ 08:51
- THERE’LL BE KILLINGS: Cadiz drug trafficker warns of BAZOOKAS and bodies on the streets if crackdown on smuggling across Strait of Gibraltar continues - 19 Apr, 2019 @ 13:10
- Irish company launches lifesaving ‘hangover care package’ for expats in Spain - 18 Apr, 2019 @ 12:09
- ‘WE’RE TERRIFIED’: Brother of missing British father who vanished from Spain’s Costa del Sol with son speaks out - 18 Apr, 2019 @ 11:29
- Drones which can photograph drivers using their mobile phone from 2km away launched in Spain TODAY - 17 Apr, 2019 @ 17:33
- BREAKING: Police arrest jihadist planning ‘massacre’ at Semana Santa parade in Spain’s Andalucia - 17 Apr, 2019 @ 15:52
- PREDATOR drones from US to patrol Strait of Gibraltar and Cadiz coast as Spain’s Guardia Civil fear surge in drug and people smuggling this summer - 17 Apr, 2019 @ 13:52