Posts Tagged Bishop Nunzio Galantino

Vatican finances lead the news

As worldwide debate regarding the efficacy of Pope Francis’ financial reforms continues amid Vatican financial scandals, the Roman Catholic Church’s patrimony is leading the news. Here are just two recent stories:

Vatican trial opens into financial scandal rocking papacy
“A cardinal who allegedly induced an underling to lie to prosecutors. Brokers and lawyers who pulled a fast one over the Vatican No. 2 to get him to approve a disastrous real estate deal. A self-styled intelligence analyst who bought Prada and Louis Vuitton items with the Vatican money that she was supposed to send to rebels holding a Catholic nun hostage. Vatican prosecutors have alleged a jaw-dropping series of scandals in the biggest criminal trial in the Vatican’s modern history, which opens Tuesday (Jul. 27) in a modified courtroom in the Vatican Museums. The once-powerful cardinal and nine other people are accused of bleeding the Holy See of tens of millions of dollars in donations through bad investments, deals with shady money managers and apparent favors to friends and family. They face prison sentences, fines or both if convicted.” By Nicole Winfield, Associated Press

The Vatican revealed its real estate portfolio for the first time – and it includes over 5,000 properties
“On the eve of a trial for financial malfeasance connected to the Vatican’s purchase of a property in London, the office that handles most of the Vatican’s investment portfolio, including real estate, made public a summary of its annual budget for the first time. The Administration of the Patrimony of the Holy See, known by its Italian initials APSA, released its budget synthesis July 24, and its president, Bishop Nunzio Galantino, described it as ‘a step forward in the direction of transparency and sharing.’ APSA directly administers 4,051 properties in Italy and entrusts to outside companies the administration of some 1,200 properties in London, Paris, Geneva and Lausanne, Switzerland, the report said.” By Junno Arocho Esteves, Catholic News Service, in America: The Jesuit Review

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