Spain Bankia Fraud Trial for ex-IMF Boss Rodrigo Rato

From BBC News

Former IMF chief Rodrigo Rato and 64 other bankers have gone on trial in Madrid over an alleged credit card racket at Spain's troubled Bankia bank. The defendants allegedly used "unofficial" company credit cards for luxury purchases, unconnected with their duties as board members.

Prosecutors say about €12m (£10.4m; $13.5m) was spent on hotels, fine clothes, entertainment and travel. Mr. Rato denies wrongdoing. Bankia was rescued in 2012 at huge public expense.

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