Former economy tsar Cardinal Pell warns the Vatican is facing major deficit
Vatican CityRNS Former Vatican economy tsar Cardinal George Pell warns in a new book that the Catholic institution is facing a growing deficit, but he hopes financial reform efforts have put a stop to money laundering in the small city-state. Pell’s newest book, Prison Journal, Volume 3: The High Court Frees an Innocent Man, was […]
Defence in Vatican financial trial demands to see Pope’s testimony
Vatican CityRNS Lawyers defending those accused of defrauding the Vatican in a $US400 million real estate investment asked judges on Wednesday to release written transcripts of Pope Francis’ statements on the deal, alleging that prosecutors’ use of the pontiff’s statements may have influenced another witness in the case. From the start of the trial in […]
Vatican real estate deal trial gets underway with defence on the attack
Vatican CityRNS A dull silence filled the room when Cardinal Angelo Becciu, shoulders hunched and eyebrows furrowed, walked in for the first day of a historic Vatican trial, in which he is one of 10 facing a wide range of charges for their part in a real estate deal using Catholic Church funds. Becciu is […]
Historic Vatican trial may change Catholic Church’s finances forever
Vatican CityReuters A landmark fraud trial of 10 people including a cardinal begins in the Vatican on Tuesday in what officials hope will be a turning point in its financial credibility and show that no-one is above the law. The headliner at the trial is Cardinal Angelo Becciu, 73, formerly a senior official in the […]
Vatican reveals property holdings for first time in transparency drive
Reuters The Vatican released information on its real estate holdings for the first time on Saturday, revealing it owns more than 5,000 properties as part of its most detailed financial disclosures ever. The information was contained in two documents, a consolidated financial statement for 2020 for the Holy See and the first-ever public budget for […]
Explainer – Behind the Vatican’s London real estate scandal
Rome, ItalyAP The Vatican has set a 27th July trial date for 10 people, including a once-powerful cardinal and papal contender, on charges related to the Holy See’s €350 million investment in a luxury London real estate venture. The 487-page indictment request capped a two-year investigation that exposed how the Vatican had lost millions of […]
Cardinal among 10 indicted by Vatican for financial crimes
VATICAN CITYReuters A prominent Italian cardinal was among 10 people sent to trial in the Vatican on Saturday charged with financial crimes including embezzlement, money laundering, fraud, extortion and abuse of office. Cardinal Angelo Becciu, formerly a senior official in the Vatican administration, as well as two top officials at the Vatican’s Financial Intelligence Unit […]
Vatican employees criticise pay cuts by Pope Francis as “anti-meritocratic and disincentivising”
Vatican CityRNS When Pope Francis decided to cut the pay of Vatican employees, lay and religious, in late March, it was mostly welcomed as a positive effort to rein in the institution’s struggling finances. But in an unprecedented letter to the pope, some employees said the measures are disproportionate and aggravate already existing systems of […]
Italian prosecutors request arrest warrant for Italian financier named in Vatican scandals
Vatican CityRNS Italian prosecutors have asked a judge for an arrest warrant for Gianluigi Torzi, accusing the financier of money laundering and tax evasion. Torzi is already embroiled in a legal battle with the Vatican’s judiciary for his alleged role in the controversial purchase of a London apartment complex using Catholic Church funds. The document, […]
Vatican projects nearly €50 million deficit due to COVID losses
Rome, ItalyAP The Vatican said Friday it expects a deficit of nearly €50 million this year because of pandemic-related losses, a figure that grows to €80 million when donations from the faithful are excluded. The Vatican released a summary of its 2021 budget that was approved by Pope Francis and the Holy See’s Council for […]