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Vatican City, Oct 14, 2019 / 09:51 am (CNA).- 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 Oct. 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.
Financial - Times - Vatican - Investments - Cardinal
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.
In 2016, Becciu was instrumental in bringing to a halt Vatican financial reforms initiated by Cardinal George Pell. Although Pope Francis had given the newly created Prefecture for the Economy autonomous oversight authority over Vatican finances, Becciu interfered when the prefecture planned an external audit of all Vatican departments, to be conducted by the firm PriceWaterhouseCooper.
Permission - Pope - Francis - Becciu - Audit
Unilaterally, and without permission of Pope Francis, Becciu cancelled the audit and announced in a letter to all Vatican departments that it would not take place.
When Pell challenged internally the audit’s cancellation, Becciu persuaded Pope Francis to give his decision ex post facto approval, sources inside the prefecture told CNA. The audit never took place.
In 2017, Becciu was also responsible for the...
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