Ex-IMF boss goes on trial over Spain Bankia fraudSeptember 27, 2016 - 10:56 AMT PanARMENIAN.Net - 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, according to BBC News. The defendants allegedly used "unofficial" company credit cards for luxury purchases, unconnected with their duties as board members. Prosecutors say about €12m ($13.5m) was spent on hotels, fine clothes, entertainment and travel. Rato denies wrongdoing. Bankia was rescued in 2012 at huge public expense. The unofficial credit card purchases were not declared to the tax authorities. The system allegedly started at Caja Madrid bank and was continued by Rato when Bankia was created in 2011. A member of the governing centre-right Popular Party (PP), Rato resigned as head of Bankia shortly before its near-collapse in 2012. The government bailout of Bankia inflicted losses on 200,000 small investors, who held preferential shares in the bank. Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | Armenia, Turkey discuss restoration of historic bridge The meeting took place on May 17 in Ashgabat on the sidelines of an international conference of ministers of culture. India wants Armenia’s proposals on use of Chabahar port India is expecting proposals from Armenia regarding the use of Chabahar port in Iran, Indian ambassador says. EU welcomes Armenia-Azerbaijan “progress” The EU has welcomed “progress” made in the framework of the Armenia-Azerbaijan border delimitation process. Belarus opposition leader slams Lukashenko for Karabakh trip Belarusian opposition politician Sviatlana Tsikhanouskaya has harshly criticized the visit of Lukashenko to Karabakh. |