Spain opens fraud case against ex-Bankia chief Rato

A Spanish court opened a fraud case on Wednesday against former executives of state-rescued lender Bankia, including one-time IMF chief Rodrigo Rato, as public rage grows with a bank which is in line for the biggest share of an EU bailout.

The lawsuit was brought by one of Spain's smaller political parties and accuses 33 officials including Rato - a former government minister who stood down as Bankia chairman in May - of fraud, price-fixing and falsifying accounts.

Under Spanish law, the crimes carry jail sentences ranging from six months to six years but commentators said that while corporate corruption cases grab the headlines in Spain, they rarely resulted in convictions. "It will be a long-running, complicated case," said Pedro Schwartz, economics professor at San Pablo University in Madrid.

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- Posted: 2012-07-04 12:28:04

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