Former IMF chief and ex-Spanish deputy PM just got released from police custody

Rodrigo ratoReutersRodrigo Rato (R), former People’s Party minister and former managing director of the International Monetary Fund, leaves his office after an inspection in Madrid April 17, 2015.

Rodrigo Rato, the ex-managing director of the International Monetary Fund and former deputy prime minister of Spain, just got released from policy custody.

Rato was arrested for alleged tax fraud, concealment of assets and money laundering on April 16, but in a statement printed in the Financial Times, he confirmed that he is now home after being detained for seven hours.

He said “I am home and I am free” while adding that he was co-operating with the authorities and that he had “full confidence” in the Spanish justice system.

During that time, Rato’s home and office were searched by tax investigators.

Rato is a heavyweight figure in the political and financial world. He served as Spain’s Minister of the Economy from 1996 to 2004, as part of the conservative People’s Party (PP), and became the First Deputy Prime Minister for one year between 2003 to 2004.

He then went onto become the IMF’s MD for three years and then took up the presidency at Spanish lender Bankia in 2010. However, he was there until Bankia filed for bankruptcy in May 2012.

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