Ex-IMF boss Rato on trial over bankers’ luxury sprees

Former IMF chief Rodrigo Rato

What you need to know:

  • Uncovered in 2013 by a journalist who saw a hacked email alluding to “black credit cards,” the case threatens to land the former economy minister and onetime star of the ruling conservative Popular Party (PP) in jail and with a hefty fine.

Madrid. Former IMF chief Rodrigo Rato stands trial Monday accused of overseeing a “corrupt system” that helped him and other executives misuse funds on hotels, parties and luxury shopping when he was a Spanish bank boss.

Uncovered in 2013 by a journalist who saw a hacked email alluding to “black credit cards,” the case threatens to land the former economy minister and onetime star of the ruling conservative Popular Party (PP) in jail and with a hefty fine.

It is also another thorn in the PP’s side after repeated failed attempts to form a government following two inconclusive elections, due to a lack of support that is in large part due to corruption scandals sullying the party. (AFP)