Business News

The Vatican will lose £ 100m of charity funding for the sale of London goods

[ad_1]

The Vatican will lose £ 100m in charitable donations after it sells London’s best-selling international home.

The Vatican is finally selling 60 Sloane Avenue, a London-based Knightsbridge apartment, for £ 200m to the secret Bain Capital group, according to a number of people familiar with the project. Bain Capital and Savills, which oversees sales, both declined to comment.

Holy See officials have set aside € 350m for donations to a London house between 2014 and 2018, the Vatican has said, meaning the sale is expected to confirm the loss of £ 100m to the Catholic Church.

Vatican officials say the money raised from the House and other sources came from Peter’s Pence, an annual Catholic charity that, according to the Vatican, is intended to “provide for the diverse needs of the international church and provide for people. support for those most in need. “

The London House, which once had to be converted into a luxury building, is in a state of disarray that has forced the Vatican to restructure its budget.

Late last year Pope Francis seized the Vatican government office a lot of money hundreds of millions of dollars in donations from Catholics.

Bad betting in London’s growing market has left businesses and investors unprofitable.

“I never understood how he acted [the Vatican] they had lost money, ”says one assistant who has worked for many years in the London office.

Vatican officials earlier this year indicted Raffaele Mincione, a former Italian banker, on various charges including fraud and theft.

Mincione companies bought a London home in 2012 for £ 129m. Two years later the Vatican’s charitable fund purchased a portion of the property through a Mincione fund set up at a very high cost. The Vatican acquired the entire building in 2018.

Vatican officials say Mincione’s companies have made huge profits by investing in Knightsbridge.

He denied any wrongdoing, saying that the increase in the price of the property was justified by investigators and independent third-party advisers. He also said that the Vatican is always consulted by its banks that sell money.

The Vatican’s lawsuit against Mincione and others, including the cardinal, was adjourned last month and the case was dropped after a Vatican judge asked government prosecutors to provide additional evidence to defense attorneys.

Proponents of her case have been working to make the actual transcript of this statement available online.

The Vatican has said it does not agree with the status quo. Another meeting is expected to take place later this month.

Mincione suspended his € 48m property in Switzerland at the request of government officials at the Vatican as part of a criminal investigation. He is pursuing a separate decision from the Holy See in the Supreme Court of England to seek “obvious knowledge”, a decision that would rule that he had done well.

Mincione said he was unaware that the money raised on behalf of the Vatican came from charitable donations, and that Vatican officials were responsible for the misappropriation of funds because in 2018 he released the funds prematurely, and granted permission to prepare. to build luxury homes. Proponents of her case have been working to make the actual transcript of this statement available online.

The English court is expected to rule on whether the case against the Vatican will be heard by Mincione companies before the end of this month.

[ad_2]

Source link

Related Articles

Leave a Reply

Back to top button