Vatican's $147 Million Investment Fiasco: Court Ruling Shakes Italian Financier

A court ruled that the Vatican was let down by Italian financier Raffaele Mincione over a failed London property investment. Mincione, who denied wrongdoing, was convicted in 2023. He seeks to clear his name through appeals and complaints. The case exposed internal Vatican friction.

The Vatican found itself on the losing end of a high-stakes property investment in west London, as a judge concluded that the Catholic Church was 'utterly let down' by Italian financier Raffaele Mincione. The deal unfolded disastrously, resulting in a loss of about 140 million euros for the Church.

Mincione pursued legal action in London's High Court, aiming to validate his 'good faith' in the investment transaction. The case unraveled layers of intrigue within the Vatican, culminating in 2023 with Mincione's conviction in a widely publicized corruption trial.

Despite a current appeal and a United Nations complaint, Judge Robin Knowles dismissed the Vatican's allegations of conspiracy, but maintained the investors fell short of honest dealings. Mincione, welcoming the ruling, sought to dispel notions of criminal intent.

(With inputs from agencies.)