A Spanish judge subpoenaed former IMF managing director Rodrigo Rato on Wednesday over his stewardship of a big Spanish bank that has been nationalized and is due to take a multibillion euro (dollar) bailout.
Rato is one of 33 former members of the board of Bankia SA named in a criminal probe that will be undertaken by Judge Fernando Andreu of the National Court. Anti-corruption prosecutors filed a complaint against Rato accusing him and others of falsifying the bank's accounts when it went public a year ago, among other alleged offenses.
The judge has not formally charged Rato with a crime but will question him. No date for his appearance has been set.
Rato took over in 2010 as chairman of what is now Bankia, the result of a merger of seven unlisted regional savings banks laden with soured real estate investments. In May, Bankia replaced Rato and soon requested a €19 billion bailout.
In February, the bank reported €309 million in profits for 2011. In May it changed that to €3 billion in losses. At the IPO, its share price was €3.75. It has fallen steadily and on Wednesday stood at just under €1.
Another ex-board member subpoenaed is Angel Acebes, a former Spanish interior minister.