The Vatican sells the building in London at the center of the investigation and risks losing 100 million – Corriere.it

The Vatican sells the building in London at the center of the investigation and risks losing 100 million – Corriere.it
The Vatican sells the building in London at the center of the investigation and risks losing 100 million – Corriere.it

The Vatican could soon crystallize a loss of around 100 million pounds (116 million euros) in the investment in the London building at 60 Sloane Avenue. the palace at the center of the Vatican investigation for which the open trial against Cardinal Angelo Giovanni Becciu and the monsignors and officials of the Secretariat of State as well as the financiers from outside the Vatican Raffaele Mincione, Gianluigi Torzi and Enrico Crasso is underway. The London borough of Knightsbridge is reportedly about to be sold for around £ 200 million to private equity group Bain Capital. Financial Times citing people familiar with the dossier. Both Bain Capital and Savills, who manages the sale, did not comment on the indiscretion. It was the Pope who ordered the sale of the building months ago to put an end to an investment that drained enormous resources of the Secretariat of State and created enormous reputational damage to the Holy See.

The purchase in 2014

The London palace of the Vatican one of the major financial scandals involving the Vatican in the last half century. a deal that began in 2014, with the purchase of about half of the control of the building; at the end of 2018 the Vatican took over the entire ownership of the property, with a total investment exceeding £ 300 million, including the debt of over £ 120 million. Financier Raffaele Mincione, who in 2013 with the Athena fund had become the manager of 200 million dollars of reserved funds of the Secretariat of State deriving from the San Peter (fed by the offerings of the faithful to the Pope). Mincione had convinced the Vatican to invest 100 million dollars to buy about half of the building, which he himself owned. In 2018, the Vatican exits the Athena fund, taking over the entire building from Mincione with an adjustment in favor of the financier of 44 million euros. The sale of the building, according to Vatican investigators, would have been carried out at an inflated valuation of the property. Raffaele Mincione instead claimed the correctness of his work by suing the Secretariat of State directly in court in London, in an unprecedented civil case.

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Vatican sells building London center investigation risks losing million Corriereit

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