Spanish Prosecutor Seeks 63 Years In Prison For Former IMF Chief Rato

Spain's anti-corruption prosecutor has sought a 63-year prison term and a hefty fine of €42.4 million ($45.33 million) for former IMF chief Rodrigo Rato, local media reported on Friday.

The prosecutor alleged that Rato was involved in 11 crimes, including tax evasion money, laundering and corruption, according to the public broadcaster TVE.

The prosecutor claimed that there were unjustified capital increases in Rato's wealth between 2005 and 2015.

It claimed that Rato, when he was the president of Caja Madrid Bank between January 2010 and May 2012, illegally commissions from the advertising contracts that the banking entity signed with the advertising companies.

These commissions were channeled from an intermediary company, Albisa, owned by Alberto Portuondo, who also appears as a defendant, and worked as an adviser at the bank.

On May 6, the hearing will resume with the reading of the final report of the prosecutor. -