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VATICAN INDICTS 10, INCLUDING A CARDINAL, OVER DUBIOUS UK PROPERTY VENTURE
- By The Financial District
- Jul 4, 2021
- 2 min read
A Vatican judge on Saturday indicted 10 people, including a once-powerful cardinal, on charges including embezzlement, abuse of office, extortion, and fraud in connection with the Secretariat of State’s 350 million-euro investment in a London real estate venture, Nicole Winfield reported for the Associated Press (AP).
The president of the Vatican’s criminal tribunal, Giuseppe Pignatone, set July 27 as the trial date, but lawyers for the defendants immediately questioned how they could prepare for trial so soon given they hadn’t yet formally received the indictment or any of the documentation in the case.
The 487-page indictment was handed down following a sprawling, two-year investigation into how the Secretariat of State managed its vast asset portfolio, much of which is funded by the Peter’s Pence donations from the faithful.
The scandal over multimillion-dollar losses has resulted in a sharp reduction in donations and prompted Pope Francis to strip the office of its ability to manage the money.
Five former Vatican officials, including Cardinal Angelo Becciu and two officials from the Secretariat of State, were indicted, as well as Italian businessmen who handled the London investment.
Also indicted on alleged embezzlement charges was an Italian intelligence expert accused of buying luxury goods with Holy See money intended to help free Catholic priests and nuns held hostage by rebels in Africa.
Vatican prosecutors accuse the main suspects of bilking millions of euros from the Holy See in fees and other losses related to financial investments that were funded in large part by donations to the pope for works of charity. The suspects have denied wrongdoing.
One of the main suspects in the case, Italian broker Gianluigi Torzi, is accused of having extorted the Vatican out of 15 million euros to turn over ownership of the London building in late 2018. Torzi had been retained by the Vatican to help it acquire full ownership of the building from another indicted money manager who had handled the initial investment in 2013 but lost millions on what the Vatican said were speculative, imprudent deals.
