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Former IMF head enters jail for corruption
Madrid, Oct 25 (IANS) A former Managing Director of the International Monetary Fund (IMF) on Thursday entered a Spanish prison to begin serving a four-and-a-half year sentence for corruption linked to his management of a major Spanish lender that had to be bailed out.
Rodrigo Rato — who headed the IMF between 2004-07 and was Spain’s deputy Prime Minister and Finance Minister between 1996-2004 — walked into the Soto del Real correctional facility on the outskirts of Madrid and briefly talked to the media gathered outside.
“I apologize to society and to those people that may have felt disappointed. I accept my obligations towards society and assume the mistakes I may have committed,” Rato was cited as saying by Efe news.
His entry into prison came three weeks after Spain’s Supreme Court confirmed his sentence for continued asset misappropriation and fraudulent administration while heading Bankia, which came into being with the merger of seven regional savings banks in December 2010.
The court said Rato had embezzled funds through the irregular use of opaque credit cards that the bank’s executives utilized to cover undeclared expenses.
In addition to the so-called “black” cards case, Rato has faced judicial probes for allegedly accepting illegal commissions from advertising agencies that had won a bid to carry out lender Bankia’s publicity campaign.
Rato, once one of the most powerful figures in Spain and the right-hand man of former conservative Prime Minister José María Aznar, is currently facing another high-profile trial for alleged fraud in the initial public offering that raised investment capital for Bankia.
Spain’s state prosecutor is asking the National Court to sentence Rato to five years in prison for fraud in the IPO.
Bankia was hard-hit by the financial crisis that swept Spain in the wake of a real estate bubble burst, the report said.
In May 2012, Bankia was bailed out to the tune of 19 billion euros by the Frob, Spain’s state bank bailout fund.
However, by September 2012 it had to be bailed out again with 4.5 billion euros, with the Spanish government having to seek aid from Europe’s rescue fund.
Some analysts calculated that one-tenth of Bankia’s loans had gone bad.
His name also appeared in the so-called Panama Papers, leaked documents with the names of alleged tax evaders with offshore assets in Panama, a tax haven. Rato had denied having any accounts in Panama.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.