The ‘Financial Times’ said the Holy See invested more than $400 million into the real estate, which will sell for around $270 million.
Results from Tag: 'london property deal'
Cardinal Angelo Becciù, one of 10 defendants, was accompanied by his former secretary, Msgr. Mauro Carlino, who is also being tried, for the eight-hour hearing Tuesday.
Vatican trial over failed London property deal to begin July 27.
Torzi is one of several figures under investigation by Vatican City State prosecutors in connection with multiple financial scandals involving the Secretariat of State.
This month, an Italian judge issued an arrest warrant for Torzi based on an investigation by police in Rome into suspected fraudulent billing, money laundering, and other financial crimes in collaboration with three of his associates.
Sources tell the Register that the March 2019 letter the Vatican secretary of state sent to the president of the Vatican Bank appears to be a justifiable action intended to stem further losses on the property transaction.
Italian newspaper Corriere della Serra reported that the Centurion Global Fund has raised around 70 million euro in cash, and that the Holy See’s Secretariat of State is the source of at least two-thirds of the fund’s assets.