The Institute of Religious Works (IOR), better known as the Vatican’s bank, said on Friday its profits remained relatively stable last year despite “very challenging” coronavirus-related circumstances.
The IOR posted a 2020 net profit of €36.4 million, down from €38 million in 2019, the bank said in a statement. It added that three-quarters of the sum, around €27 million, will be turned over to Pope Francis – who has a personal charity fund – or other targeted Holy See entities.
The IOR, which called 2020 “a very challenging year for the world economy”, routinely subsidises other Vatican bodies. Last year’s contribution was over twice the size of 2019’s subsidy of €12 million, an indication of the Vatican’s need for cash during the coronavirus crisis.
Vatican convicts former banking chief in multimillion-euro embezzlement scheme Print this article
The Vatican s criminal tribunal convicted a former Vatican banking chief and his lawyer, who together were accused of embezzling more than 30 million euros from the sale of properties owned by the Holy See.
Angel Caloia, 81, and attorney Gabriele Liuzzo, 97, were sentenced to nearly nine years in prison each, according to the
Associated Press. The court awarded roughly 23 million euros in damages to the Vatican bank, the Institute of Religious Works.
Both Caloia and Liuzzo have maintained their innocence.
Prosecutors said a scheme of embezzlement, misappropriation of funds, and money-laundering took place between 2001 and 2008. The suspects were accused of selling 29 properties at undervalued prices to offshore companies that then sold the properties at value, kicking back the difference to Caloia and Liuzzo.
Nation/world
Associated Press
DETROIT – A judge granted preliminary approval Thursday to a $641 million deal that would benefit thousands of Flint residents who were harmed by lead-contaminated water.
The settlement includes $600 million from the state of Michigan, although Flint, an area hospital and an engineering firm are also part of the agreement. U.S. District Judge Judith Levy signed off in a 72-page opinion.
“There may be no amount of money that would fully recognize the harm the residents of Flint have experienced, including their anxiety, fear, distrust and anger over the events of the last seven years,” Levy said.
Vatican convicts ex-bank chief in property embezzlement scam
by Nicole Winfield, The Associated Press
Posted Jan 21, 2021 12:11 pm EDT
Last Updated Jan 21, 2021 at 12:14 pm EDT
FILE - In this Tuesday, Jan. 28, 2014 filer, an exterior view of the offices of the Vatican bank IOR in Vatican City. The Vatican’s criminal tribunal on Thursday, jan, 21, 2021 convicted the former head of the Vatican bank and his lawyer of embezzling some 57 million euros in proceeds from the sales of Holy See-owned real estate and sentenced them to nearly nine years in prison. (AP Photo/Domenico Stinellis, File)
ROME The Vatican’s criminal tribunal on Thursday convicted the former head of the Vatican bank and his lawyer of embezzling millions of euros in proceeds from the sales of Holy See-owned real estate, and sentenced them to nearly nine years in prison each.
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