FORMER IMF chief Rodrigo Rato has been convicted of misappropriation of funds.
Rato, who headed the International Monetary Fund (IMF) from 2004 to 2007, has been sentenced to four and a half years.
The former Partido Popular finance minister and an ex-chairman of Caja Madrid is one of 65 officials found guilty over their use of complimentary credit cards.
Between 1999 and 2012, high-ranking officials at Caja Madrid (which later merged to form Bankia) were given credit cards that drew from a bank fund.
The cards were used to splash €15.5 million on personal expenses, which did not show up on bank documents, job contracts or tax returns.
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“Rodrigo Rato given four and a half years” yet he did not go to jail. How can someone be sentenced to four and half years in prison, then walk free? Spanish justice in a nutshell.