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Vatican reforms finances after London real estate scandal



After a scandal related to the development of luxury real estate in London in Chelsea, Pope Francis deprived the Vatican’s powerful central administration office of a portfolio worth hundreds of millions of euros.

The Vatican stated that from the beginning of the new year, all the financial assets of the State Secretariat of State Bureaucracy of the Holy See will be controlled by APSA, the Vatican’s existing centralized asset management company.

Before the announcement, Pope Francis asked Cardinal Giovanni Angelo Becciu to resign. Earlier this year, the Vatican police were investigating how to manage these funds, and Bogio Ciu was responsible for overseeing the secretariat’s investments from 201

1 to 2018. Cardinal Beggio denied any wrongdoing.

The Pope has asked Cardinal Giovanni Angelo Becciu to resign, who has denied any wrongdoing

The Vatican also said that Pope Francis has ordered the secretariat to manage the so-called Peter Penny charitable donations from Catholics around the world, which will now also be controlled by APSA.

The British “Financial Times” reported extensively on how the Secretariat’s hundreds of millions of assets held in Swiss bank accounts were invested in assets, including Chelsea’s real estate development plan. The Vatican has stated that the Catholic Church has suffered huge losses.

Gianluigi Torzi, an Italian businessman in London who used to act as an agent of the secretariat in real estate investment in London, was arrested by the Vatican earlier this year and charged with “extortion, corruption, serious fraud and money laundering.” Mr. Tozi, who was later released, denied any wrongdoing.

Last month, the Italian financial police took action at the request of the judicial authorities of the Vatican. They carried out searches and seizure orders against a group of people related to the secretariat’s investment, including suspended Vatican officials and fund manager Rafael Mincio in London. (Raffaele Mincione) Chelsea real estate development.

Mr. Mincione denied any wrongdoing. He said that he had “cooperated fully beyond the scope of requirements” and he was confident that the investigation would “confirm the lack of investigation results”. [his] Participate in the vision of the Holy See authorities”.

APSA chairman Nunzio Galantino said that the secretariat’s investment in the London development plan directly affected the decision to spin off its financial assets office.

In his comments to the Vatican state news media, he said: “The incident of the London property helped us understand which control mechanisms need to be strengthened.” “This taught us a lot of things: not only how much was lost (an aspect we are still evaluating). , But also how and why I lost it.”

Mr. Galantino also said that the Pope had long asked for “more obvious differences” between the Peter Pence Charitable Fund managed by the Secretariat and other funds.


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