Arab Today, arab today eximf chief rato faces court on bankia fraud charges
Last Updated : GMT 20:48:33
Arab Today, arab today
Arab Today, arab today

Ex-IMF chief Rato faces court on Bankia fraud charges

Arab Today, arab today

Arab Today, arab today Ex-IMF chief Rato faces court on Bankia fraud charges

Madrid - AFP

Former IMF chief Rodrigo Rato faces court Thursday over fraud charges linked to the collapse of Spanish lender Bankia, a dramatic fall from grace for a high-flier once touted as a future prime minister. Rato has been called to testify at Spain\'s National Court, which opened a case against him and 32 other officials from the bailed-out bank, now a symbol of calamity in the financial system. The 63-year-old financier resigned from the bank in May just before the lender was nationalised and bailed out. The 23.5 billion euro ($29.5 billion) bailout announced by the Spanish government for the lender on May 9 marked a new phase in Spain\'s banking crisis. It drove the banking sector to seek up to 100 billion euros in eurozone rescue funds for its finance sector. The court accepted a suit brought by the centrist opposition Union, Progress and Democratic party (UPyD) targeting Rato and 32 other senior members of the bank, as well as its parent company BFA. Court papers listed criminal charges including fraud, embezzlement, falsifying accounts and price manipulation. The hearing is closed to the public and the press. Anti-corruption judges had already opened a preliminary investigation into alleged fraud relating to Bankia\'s founding in 2010 and stock listing the following year. It was created by merging seven regional savings banks. The lawsuit by UPyD was one of four cases brought by bodies including the far-right organisation Manos Limpias and two social protest groups, Democracia Real Ya and a movement popularly known as the \"indignants\". Rato is one of the most prominent financial figures in Spain. He served as economy minister between 1996 and 2004 and then as managing director of the International Monetary Fund until 2007. On July 20, 2011, Ratio seemed to be riding high as he gave the thumbs up, smiling broadly, on the day Bankia shares began trading on the Madrid stock exchange. \"It was certainly a very emotional day for him because he comes from a family of bankers,\" said Carmen Gurruchaga, journalist and author of a book of interviews with the financier, who is a hero of the Spanish right. But his moment of triumph was brief. A descendant of northern Spanish industrialists, born into a wealthy family, Rato has now become the target of popular anger, a symbol of the problems of a financial system too closely linked to politics. Often described as brilliant and as a fine orator, but also sometimes as pretentious and even rude, his career had seemed faultless until he entered the world of Spanish banking. Rato, a law graduate with an MBA from Berkley, was praised as an excellent economy minister, a post he held under conservative Popular Party prime minister Jose Maria Aznar, who ruled from 1996-2004. Aznar said recently he had viewed Rato as his \"natural successor\" to lead the party and, perhaps, the country. But Rato\'s political status changed after he opposed the US-led Iraq war, which Aznar supported. Nevertheless, his career outside politics shone and he became the first Spaniard to lead the IMF in 2004, resigning in 2007 before the end of his mandate for \"family reasons.\" His return to Spain ahead of 2008 elections sparked rumours of a possible tilt at the party\'s leadership. But Rato insisted he had no further political ambitions and instead secured the top job in Caja Madrid before presiding over a series of mergers and the Bankia listing, which would end in scandal and fiasco. In July, Rato defended himself before parliament. \"The whole process was controlled by the regulator,\" he told a parliamentary hearing, adding it was also overseen by \"prestigious experts\" from accounting firms Deloitte and PricewaterhouseCooper. \"The process was transparent and rigorous,\" he added.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today eximf chief rato faces court on bankia fraud charges Arab Today, arab today eximf chief rato faces court on bankia fraud charges

 



Arab Today, arab today
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Top Yemen commander killed

GMT 09:55 2017 Wednesday ,22 February

Top Yemen commander killed
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 20:59 2017 Tuesday ,21 February

Economy good, but homes in German cities overpriced

GMT 05:29 2017 Tuesday ,21 February

Sovereign funds pulled $38bn from markets in 2016

GMT 05:15 2017 Tuesday ,21 February

Gold firms as markets await Trump tax plans

GMT 04:58 2017 Tuesday ,21 February

EU, IMF in ‘common position’ on Greece crisis

GMT 14:57 2017 Monday ,20 February

A giant initial public offering on track

GMT 14:50 2017 Monday ,20 February

Energy Market Research
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Janat pleased for issuing 'Good Morning'

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 05:15 2017 Tuesday ,21 February

Omega 3 can reduce asthma cases

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday