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Former IMF managing director, Rodrigo Rato, in court

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Former IMF managing director, Rodrigo Rato, in court

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Rodrigo Rato, the former IMF managing director and Spanish finance minister under the leadership of José María Aznar, has appeared before the High Court in Madrid in connection with an investigation into the establishment and flotation of major bank, Bankia.

Groups of protestors who invested and lost money in the bank gathered for his arrival at the courthouse.

Rato was one of 33 former board members named in a criminal probe by Judge Fernando Andreu. Prosecuters have accused them of five offenses including falsifying the bank’s accounts, fraud and misappropriation when it went public a year ago. After his departure Bankia announced it had losses of over €3 billion when it had initially declared a profit.