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October 15, 2019
By Ed Condon and JD Flynn, CNA, 14 October, 2019
The recent raid of Vatican offices is connected to an investigation into charges that Vatican money financed the development of luxury properties in London, and led to a windfall for the Vatican’s investment managers, according to an October 14 report from Financial Times.
According to Financial Times, Vatican police and prosecutors are investigating the possibility of improprieties in a 2014 $200 million investment made through Athena Capital, a Luxembourg investment fund, which financed a stake in the development of a luxury apartment project in London. That investment, along with a nearly $50 million 2018 investment in the same property, has raised questions about the internal control of Vatican money held in international banks and investment vehicles, especially after repeated efforts to bring financial practices into line with international practices and standards.
The Financial Times reported that the Vatican’s 2014 and 2018 investments were authorized by Cardinal Giovanni Becciu, who was from 2011 until 2018 the second-ranking official in the Vatican’s Secretariat of State, and was in 2018 appointed to head the Congregation for the Causes of Saints. ….
