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The trial, which began in July and will resume on Dec. 14, has yet to get off the ground after procedural disputes over missing transcripts related to the prosecution’s investigations. Four of the original 10 defendants have had their charges at least temporarily dropped, leaving just six defendants currently on trial.
The ‘Financial Times’ said the Holy See invested more than $400 million into the real estate, which will sell for around $270 million.
Torzi is one of the key suspects in a significant finance trial being heard by the Vatican City State’s tribunal about the London property deal.
A judge says businessman who helped to broker the Vatican’s controversial purchase of a London investment property is a flight risk.
Torzi is one of several figures under investigation by Vatican City State prosecutors in connection with multiple financial scandals involving the Secretariat of State.
Torzi is currently located in the United Kingdom and has not been served with the warrant.
A fund managed by Raffaelle Mincione, the building owner, invested 10 million euros of Vatican funds into securitized debt packaged and sold by a company belonging to Gianluigi Torzi, the broker of the building sale.
Details of the suits had not previously been made public, but on Sept. 15, a news outlet reported that Mincione is seeking declaratory relief from the court, asking that a judge rule he did not behave improperly in his dealings with the Vatican.
Last month, Gianluigi Torzi was arrested by the Vatican and charged with a range of financial crimes. The following day, Vatican-state media accused Raffaele Mincione of a “conflict of interest” in his management of investments for the Secretariat of State.
Gianluigi Torzi is being charged by Vatican prosecutors with several counts of “extortion, embezzlement, aggravated fraud and money laundering,” the Holy See said, noting that the crimes Vatican Law provides for sentences of up to twelve years imprisonment for such crimes.
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