$hide=home-label

Popular Posts Last 7 days_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts Last 30 days_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts Last year_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts All time_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Islamophobia_$type=carousel$h=350$show=/search/label/Muslim%20World

Saudi Arabia$type=two$count=2$h=250$space=1$icon=1$m=0$sn=0$rm=0$show=/search/label/Muslim%20World

Iran_$type=three$count=3$h=250$space=1$icon=1$m=0$sn=0$rm=0$show=/search/label/Muslim%20World

Palestine$type=three$author=hide$comment=hide$rm=hide$date=hide$show=/search/label/Muslim%20World

Spain prosecutors seek five years jail for ex-IMF head Rato

SHARE:

MADRID  - Spanish prosecutors have asked for former IMF chief Rodrigo Rato to be jailed for five years over the failed 2011 listing of Bankia, a bank he led which later had to be rescued by the state.

Rato, a former Spanish economy minister, has already been sentenced to four years and six months in a separate case for misusing funds when he was the boss of Bankia, and Caja Madrid before that.

In a court filing seen by AFP on Tuesday, Rato is accused along with three other executives of falsifying information about Bankia's financial state to encourage investors to buy into the stock market listing.

The bank was bailed out less than a year later in 2012 at the height of the crisis, and tens of thousands of small investors who had converted their savings to shares lost everything.

The near-collapse of Bankia almost brought down Spain's whole financial sector, which was bailed out later that year by international creditors for 41 billion euros ($46 billion).

Last year, Spain's Supreme Court ruled that "serious inaccuracies" in the information provided by Bankia led investors into error.

As the bank's "main executive," Rato was "fully aware of the inconsistency of the Bankia project and of its financial weakness" but still gave the green light for the listing, Spain's anti-corruption prosecution office argued.

They called for Rato to be handed a five-year jail sentence once the trial kicks off, and are seeking prison terms ranging from two years and seven months to four years for the three other executives.

But they have asked for charges of falsifying accounts to be dropped against Rato and 32 other executives.

And they also want the case to be dropped against Bankia itself as well as its parent company BFA.

Last year, the bank said it had paid out 1.2 billion euros in compensation to 190,000 small investors who bought into the failed listing, but added it still had about 30,000 pending claims to settle.

COMMENTS

EMAIL NEWSLETTER$desc=Subscribe to receive inspiration, ideas, and news in your inbox

Followers

Name

Ads,5,Afghanistan,34,Animals,31,Bahrain,2,Barcelona,1,Business,659,China,42,Egypt,9,Headlines,11,Health,142,India,64,Indonesia,8,International,75,Iran,42,Iraq,35,Islamophobia,17,Israel,1,Kuwait,1,Lebanon,1,Lifestyle,273,Malaysia,3,Middle East,14,Muslim World,370,Nawaz Sharif,5,Opinion,26,Pakistan,939,Palestine,25,Pics,66,Popular,1,Qatar,83,Saudi Arabia,53,Science,124,Showbiz,256,Sports,999,Sudan,1,Syria,46,Technology,163,Top News,732,Turkey,38,UAE,16,Videos,73,World,3378,Yemen,5,
ltr
item
Muslim Global: Spain prosecutors seek five years jail for ex-IMF head Rato
Spain prosecutors seek five years jail for ex-IMF head Rato
https://4.bp.blogspot.com/-jTWmwS3_IXw/WUAo4mYMTJI/AAAAAAAAZJ0/5WW5mJOk5Gk4nr_2I0lnLA0Awo1qEtMawCLcB/s640/Rodrigo%2BRato.jpg
https://4.bp.blogspot.com/-jTWmwS3_IXw/WUAo4mYMTJI/AAAAAAAAZJ0/5WW5mJOk5Gk4nr_2I0lnLA0Awo1qEtMawCLcB/s72-c/Rodrigo%2BRato.jpg
Muslim Global
http://www.muslimglobal.com/2017/06/spain-prosecutors-seek-five-years-jail.html
http://www.muslimglobal.com/
http://www.muslimglobal.com/
http://www.muslimglobal.com/2017/06/spain-prosecutors-seek-five-years-jail.html
true
616431133175714168
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy