Ex-head of Vatican bank goes on trial for embezzlement

Source: Associated Press

By NICOLE WINFIELD

VATICAN CITY (AP) — The former president of the Vatican bank went on trial Wednesday on charges he and his lawyer embezzled 57 million euros ($68 million) in Vatican real estate sales, a case that shows the Holy See’s willingness to prosecute shady financial deals that may have involved top cardinals.

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Angelo Caloia appeared in the Vatican courtroom, while his onetime lawyer and 95-year-old co-defendant, Gabriele Liuzzo, was absent, citing his age. A third suspect died during the investigation.

During the nearly four-hour hearing, the court revealed it planned to appoint technical experts to assess the value of the real estate in question. Prosecutors allege the apartments were sold at below-market rates to offshore companies, and then resold at market rates with the defendants pocketing the difference.

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1 reply

  1. As the Vatican seems to be unable to trust its Catholic Bank Managers should I apply for the position? (message me and I will let you have my CV).

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