Former Spanish finance minister Rodrigo Rato detained
Former Spanish finance minister and former International Monetary Fund (IMF) director Rodrigo Rato has been detained over corruption charges.
Rato, 66, was arrested in his home in the Spanish capital, Madrid, on Thursday, after being charged with fraud, money laundering and fraudulent conveyance.
A search was also carried out in his home after tax authorities launched an investigation against him.
Rato, who also served as the president of Spanish bank Bankia, was already implicated in a judicial investigation involving the bank. Rato was allegedly responsible for irregularities in efforts aimed at listing the bank in the stock exchange in 2011.
He is also accused of being involved in corporate credit card abuse during his time at Bankia.
Rato was finance minister from 1996 through 2004. He served as IMF chief from 2004-07, and headed Bankia from 2010 until it collapsed in 2012, when he applied for a tax amnesty.
Meanwhile, Spanish Justice Minister Rafael Catala has said that authorities would determine whether the wealth that the former finance minister fiscally legalized in the tax amnesty were from legal or illegal activities.
Rato has not denied reports that he had taken advantage of the Spanish government’s 2012 tax amnesty to declare previously concealed wealth.
The 66-year-old was also a prominent member of the ruling Popular Party, but was expelled after a series of corruption scandals.
SZH/NN
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