VATICAN CITY (AP) — A recent ruling by a British court has put the spotlight on a London-based financier’s dealings with the Vatican. The court decision, delivered on Friday, did not find in favor of the financier, Raffaele Mincione, in his handling of the Holy See’s 350-million euro (US$375 million) investment in a London property. The British High Court expressed that the Vatican had valid reasons to feel let down by Mincione’s management of the investment, which ultimately resulted in financial losses.
Mincione had sought a declaration from the British High Court affirming that he had acted in good faith in his dealings with the Vatican. However, the court’s ruling did not fully support this claim. Despite granting some of Mincione’s requests and refuting certain allegations made by the Vatican, Judge Robin Knowles emphasized the Vatican’s disappointment in its dealings with Mincione based on the evidence presented during the trial.
The court found that Mincione and his companies had not taken adequate measures to safeguard the Vatican’s interests from fraudulent activities. Instead, they prioritized their own interests over those of the Vatican, failing to fulfill the professional standards expected in such financial transactions. While Mincione celebrated aspects of the court’s decision that favored him, the ruling highlighted the Vatican’s sense of betrayal in its financial dealings with him.
This legal battle in London marked a significant moment, as it was the first instance of the Holy See facing trial in a foreign court. It stemmed from a larger investigation by Vatican prosecutors targeting financial misconduct related to the London investment. Mincione, along with others, was accused of exploiting the Holy See through exorbitant fees and commissions, while another broker, Gianluigi Torzi, was implicated in extorting money from the Vatican in a separate transaction.
The fallout from this case has underscored the challenges the Vatican faces in managing its financial affairs and holding individuals accountable for any wrongdoing. As the legal proceedings continue with appeals and further actions, the implications of this ruling on the Vatican’s financial integrity remain a topic of ongoing scrutiny and debate.
