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By Christine Niles, M.St. (Oxon.), J.D., Church Militant, December 11, 2019
Up to 90% of Peter’s Pence money used to plug administrative deficits
VATICAN (ChurchMilitant.com) – The Vatican is spending the vast majority of its charitable funds not toward helping the poor but paying salaries and other administrative costs.
Peter’s Pence is marketed asthe pope’s fund for the poor
A new report in The Wall Street Journal reveals that the Vatican is using as much as 90% of Peter’s Pence funds, marketed as the pope’s charity for the poor, towards paying off deficits in the Vatican’s administrative budget, including salaries and related expenses.
Total assets for Peter’s Pence assets come to about $670 million, and Vatican sources who spoke with Vaticanista Francis Rocca revealed that about two-thirds of that money is going toward covering the Holy See’s budget deficit.
The news comes amid an investigation for alleged graft and money laundering at the Vatican over a $250 million investment of Peter’s Pence money in an upscale London property.
Documents seized from an Oct. 1 Vatican raid and leaked to Italian media show that the money had previously been invested in an oil rig off the coast of Angola, before the Vatican sold its shares in 2015 owing to concerns over the volatility of the oil market.
It then turned its sites onto the property in London’s Chelsea District, converting it into 50 luxury apartments. The purchase failed to turn out the expected profits, causing the Vatican to lose on its investment. ….