The News – Capital Media
The News – Capital Media
  • Ex-IMF chief as he enters prison: 'I ask forgiveness'

, FILE - In this Dec. 20, 2012 file photo, former IMF managing director Rodrigo Rato, center right, arrives at the National Court in Madrid, Spain. Rato is apologizing for his crimes as he starts a 4½-year prison sentence for misusing a Spanish bank's corporate credit card as he entered a prison outside Madrid on Thursday Oct. 25, 2018. (AP Photo/Andres Kudacki, File)

25 of October 2018 12:17:26

MADRID (AP) — Former International Monetary Fund chief Rodrigo Rato is apologizing for his crimes as he starts a 4½-year prison sentence for misusing a Spanish bank's corporate credit card.

Rato said as he entered a prison outside Madrid on Thursday, "I accept my obligations to society, I admit the mistakes I may have made and I ask forgiveness from society and the people who may have been affected or felt let-down."

The National Court last year convicted him of unlawful misappropriation of funds during his 2010-12 leadership of Bankia, a bank that was later bailed out. Rato had denied that the credit cards were used for irregular and undeclared expenses.

Rato was IMF chief from 2004 to 2007 and previously a leading figure in Spain's conservative Popular Party and Spanish economy minister.


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