Easy come easy go: Vatican To Lose 100 Million Pounds In London Building Sale: Report
Pope Francis has vowed to bring more transparency to the Vatican's financial dealings in the wake of the opaque, money-losing investment dating from 2013 -- which spurred an investigation and allegations of fraud.
The Vatican stands to lose 100 million pounds in charity donations with the sale of a London luxury building at the centre of a financial scandal, a report said Monday.
The Financial Times reported, citing unnamed sources, that the Vatican was in the final stages of selling the Knightsbridge building to private equity group Bain Capital for approximately 200 million pounds (233 million euros, $270 million).
That is approximately 100 million pounds less than the investment of about 350 million euros the Vatican made in the building beginning in 2014.
The Vatican declined to comment.
Pope Francis has vowed to bring more transparency to the Vatican's financial dealings in the wake of the opaque, money-losing investment dating from 2013 -- which spurred an investigation and allegations of fraud.
The scandal has been especially embarrassing since the invested funds came from Peter's Pence, money donated by churchgoers for the pope's charities.
A once powerful cardinal, Angelo Becciu -- the former right-hand man to the pope -- and nine other defendants are currently on trial at the Vatican for financial crimes related to the deal.
Prosecutors have painted a picture of risky investments with little or no oversight, and double-dealing by outside consultants and insiders trusted with the financial interests of the Secretariat of State, the Vatican's most important department charged with general affairs and diplomacy.
The current case dates back nearly a decade when the Secretariat borrowed more than $200 million to invest in a Luxembourg fund managed by an Italian-Swiss businessman, who prosecutors say used the money to invest in high-risk ventures over which the Church had no control.
After losing millions by 2018, the Secretariat tried to pull out of the deal, but the broker hired to cut ties with the fund manager is accused of instead joining forces with him.
The Vatican has a sizeable real estate portfolio, with figures released in July showing it owns 4,051 properties in Italy and another 1,120 in London, Paris, Geneva and Lausanne.
The Financial Times reported, citing unnamed sources, that the Vatican was in the final stages of selling the Knightsbridge building to private equity group Bain Capital for approximately 200 million pounds (233 million euros, $270 million).
That is approximately 100 million pounds less than the investment of about 350 million euros the Vatican made in the building beginning in 2014.
The Vatican declined to comment.
Pope Francis has vowed to bring more transparency to the Vatican's financial dealings in the wake of the opaque, money-losing investment dating from 2013 -- which spurred an investigation and allegations of fraud.
The scandal has been especially embarrassing since the invested funds came from Peter's Pence, money donated by churchgoers for the pope's charities.
A once powerful cardinal, Angelo Becciu -- the former right-hand man to the pope -- and nine other defendants are currently on trial at the Vatican for financial crimes related to the deal.
Prosecutors have painted a picture of risky investments with little or no oversight, and double-dealing by outside consultants and insiders trusted with the financial interests of the Secretariat of State, the Vatican's most important department charged with general affairs and diplomacy.
The current case dates back nearly a decade when the Secretariat borrowed more than $200 million to invest in a Luxembourg fund managed by an Italian-Swiss businessman, who prosecutors say used the money to invest in high-risk ventures over which the Church had no control.
After losing millions by 2018, the Secretariat tried to pull out of the deal, but the broker hired to cut ties with the fund manager is accused of instead joining forces with him.
The Vatican has a sizeable real estate portfolio, with figures released in July showing it owns 4,051 properties in Italy and another 1,120 in London, Paris, Geneva and Lausanne.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.