Skip to content

British Court Confirms Vatican was Defrauded in London Real Estate eal

A UK High Court ruling confirms the Vatican Secretariat of State was deceived by Italian financier Raffaele Mincione in a flawed London property deal.

A ruling by the High Court of England and Wales published Feb. 21 has confirmed that the Vatican Secretariat of State was deceived by Italian financier Raffaele Mincione in the irregular purchase of a London building.

For this transaction that ended in fraud Mincione was sentenced in December 2023 by a Vatican lower court to five years and six months in prison for financial crimes related to the case.

In addition, he was ordered to forfeit 200.5 million euros (about $210 million), one of the largest financial penalties ever imposed in the Vatican courts.

In that trial, Cardinal Angelo Becciu was also sentenced to five and a half years in prison for embezzlement of public funds.

According to the ruling, Becciu arranged the acquisition of property located on Sloane Avenue when he was deputy secretary of state from 2011 to 2018.

To do so, he used a third of the reserved funds of the Secretariat of State: that is, $200 million that was paid between 2013 and 2014 at the request of Becciu.

This amount was used to buy shares through a fund managed by the Italian intermediary Mincione, who was also convicted along with Becciu by the Vatican lower court for money laundering, embezzlement, and corruption.

Following the sentence, Mincione filed a lawsuit against the Vatican Secretariat of State in British court in June 2020, and the court published its ruling Feb. 21.

The Italian financier’s aim was to obtain a series of legal declarations in his favor regarding his handling of the buying and selling of the Sloane Avenue building.

Mincione argued that his conduct in the transaction had been transparent and in accordance with the standards of good faith. However, the British court rejected his allegations, confirming that the Vatican had reasons to consider itself the victim of a damaging financial scheme.

According to Judge Robin Knowles’ 50-page ruling, Mincione and his companies withheld key information and misrepresented the value of the London property, causing significant harm to the Vatican.

The court found that Mincione made “unrealistic” statements, inflating the price of the property and taking advantage of the Vatican’s lack of experience in such investments.

Much of the lengthy summary of the verdict focuses on the reconstruction of the irregular transaction.The British court made it clear that the Vatican Secretariat of State was deceived, which coincides with the primary thesis of the Vatican court, which had previously convicted Mincione of money laundering, embezzlement, and corruption.

As a lower court ruling, Mincione has the possibility of appealing the decision.

For the Vatican, the ruling “has important implications not only for Mincione but also for future cases involving the financial operations of the Holy See,” according to a Vatican News editorial on the subject.

According to Vatican journalist Andrea Tornielli, the ruling “establishes an important precedent by recognizing that the Vatican was the victim of financial fraud in one of its most important real estate investments.”

He also confirmed that according to the Vatican “the lack of transparency and ethics with which Mincione and his entourage operated could influence other ongoing judicial proceedings.”

The sentence reinforces, Tornielli said, “the conclusions of the Vatican tribunal, which had already convicted Mincione for crimes related to fraudulent investments of funds of the Holy See.”

Tornielli also referenced a statement by the Vatican promoter of justice, Alessandro Diddi, expressing his satisfaction with the British court’s ruling against Mincione.

“The British judges have shared the view of the Vatican tribunal and have confirmed that Raffaele Mincione did not act in good faith as required in this type of transaction. With this ruling, it is clear that the Vatican court acted correctly in its assessment of the case,” Diddi said.

This story was first published by ACI Prensa, CNA’s Spanish-language news partner. It has been translated and adapted by CNA.

SIGN UP FOR OUR NEWSLETTER HERE

Receive the most important news from EWTN Vatican via WhatsApp. It has become increasingly difficult to see Catholic news on social media. Subscribe to our free channel today

Share

Would you like to receive the latest updates on the Pope and the Vatican

Receive articles and updates from our EWTN Newsletter.

More news related to this article

A Moving Portrait of Pope Leo and Rome

Join us for Pope Leo and the Eternal City—a moving portrait of the first U.S.-born pope who, upon taking possession of St. John Lateran, told the faithful with conviction: “Sono Romano—I am Roman.”

What Pope Francis’ trip to Mongolia could mean for Vatican relations with Russia and China

Pope Francis’ next international trip will bring him to Mongolia, a democracy sandwiched between the authoritarian powers of

Cardinal Zen attends Benedict XVI funeral after Hong Kong authorities release passport

Cardinal Joseph Zen attended the funeral of Pope Emeritus Benedict XVI on Thursday morning after Hong Kong authorities

Christ at the Center: How Tradition Anchors the Development of Doctrine

COMMENTARY: The only true metric for the authentic exercise of ecclesial authority is Christological — grounded in the

Pope Francis: More needs to be done to restore dignity to organized crime victims

Pope Francis on Thursday called on participants of the Conference on the Social Use of Assets Confiscated from the Mafia to work toward recovering the well-being — not just the assets — of victims and communities wounded by organized crime.

Seminarian’s Journey from Children’s Rosary to the Priesthood Inspires Families Worldwide

What began as one mother’s inspiration to help her parish has become a global prayer movement. The Children’s Rosary now unites families in 45+ countries in daily prayer.

LIVE
FROM THE VATICAN

Be present live on EWTNVatican.com