Posts Tagged ‘Vatican bank’

Profits are down, ethics are up for Vatican bank

Thursday, May 24th, 2018

Profits are down for the Vatican bank. The Institute for Religious Works (commonly known as the Vatican bank) issued its annual report on Tuesday. The report says the bank earned 31.9 million euros in profits last year. This is about 7 million euros down from its 36 million euro-profit in 2016. The profits are returned Read more

The embezzlement trial for former Vatican bank CE starts

Thursday, May 10th, 2018

The embezzlement trial for the former president of the Vatican bank began on Wednesday. Angelo Caloia and his former lawyer Gabriele Liuzzo (95) have been charged with embezzling 57 million euros ($68 million) in Vatican real estate sales. The case shows the Holy See’s willingness to prosecute shady financial deals that may have involved top Read more

Top Vatican bank staff embezzled €50 million

Monday, March 5th, 2018

Accusations of embezzling and laundering €50 million have resulted in a former Vatican bank president and his lawyer being ordered to stand trial. The Vatican says the bank’s former president, Angelo Caloia, is the highest-ranking Holy See financial official to be indicted on such charges. Seventy-eight year-old Coloia, along with his lawyer, 94 year-old Gabriele Liuzzo, Read more

Court rules former Vatican bank managers liable

Thursday, February 8th, 2018

A Vatican court found two former top managers of the Vatican bank liable for mismanagement and ordered an injunction for them to pay damages. Read more

Vatican bank deputy CEO removed

Monday, December 4th, 2017

The Vatican bank deputy CEO was removed from his position and escorted from the Vatican on Monday last week. The news of Giulio Mattietti’s removal from the bank (correctly called the Institute of Religious Works) has been confirmed by the Holy See press office. It is not clear why Mattietti was removed, although Italian media Read more

Vatican bank chasing millions of euros in Malta

Thursday, October 12th, 2017

The Vatican bank has started legal proceedings in Malta against those it holds responsible for the loss of millions of euros in an investment fund. Maltese judge, Mr Justice Wenzu Mintoff, will preside over the case. His role will include deciding the bank’s total losses. The Vatican statement says the losses are “significant.” It also Read more

Vatican bank’s soaring profits

Thursday, June 15th, 2017

The Vatican bank’s annual report shows a profit of €36 million (about NZ$55,630 million) for its last financial year. The profits, which are up €20 million from the €16.1 million in the 2015 year, are “being distributed in aid of the Holy See’s mission”. More properly called the Institute for the Works of Religion, the Read more

Former Vatican bankers convicted of minor offenses

Monday, February 27th, 2017

Two former Vatican bankers have been convicted of minor money-laundering violations. Their violations involved communications involving three small transfers. They were sentenced to four months, 10 days each. Read more

Vatican Bank officers linked to fossil fuel industry

Tuesday, August 2nd, 2016

Vatican Bank board members  have been called out by Greenpeace because of their links to the fossil fuel sector. According to a Greenpeace Energydesk investigation, Vatican Bank board member Sir Michael Hintze is the chief executive of the private hedge fund CQS Cayman, registered on the Cayman islands. The fund holds stocks worth $8.3 million Read more

Vatican bank board members resign amid slow reform

Friday, May 27th, 2016

Two Vatican bank board members have resigned amid what one source says is frustration at the slow pace of reform. Two experienced bankers, Italian Carlo Salvatori and German Clemens Boersig, resigned from the board of the Institute for the Works of Religion. Vatican spokesman Fr Federico Lombardi said this followed a “divergence of opinion over Read more