The Vatican sold the London Palace, The worst deal in the modern history of the Holy See. The money lost is a lot but the secondary effects, starting with the criminal trial and the collapse of secular balances, have been disruptive.. Absa, the Heritage Department of the Holy See, has announced the completion of the sale to Bain Capital of the former Harrods office on Sloane Avenue, London, for £186 million. Losses – mentioned in a note – are found in comparison with the amount spent on the purchase of property to the State Secretariat’s reserve, Peter’s penny is not affected in any way in this circumstance and with it the donations of the faithful..
In all, the investment was 300 million pounds sterling. So this is a very big loss. But wasn’t it the State Department that bought the building? side effects That surreal five-year period (2014-2019) during which the huge money (600 million) of the Vatican’s most important home, the State Secretariat, was managed like a hedge fund.. If today Apsa is in charge of the palace because Pope Francis has effectively deposed the State Secretariat in managing its finances, closing Swiss accounts and transferring assets to more capable hands in the periphery of the Vatican institutions.
Anomalies in stock market acquisitions
But why did the London Palace cause a scandal? After all, isn’t a real estate investment much like a church investment? That’s right: an investment like no other. But how the money is invested makes a difference. Just lined up the facts. And remember that it is money “with the soul”, i.e. trust money also fueled by St. Peter’s penny, or annual offerings made by believers to the Pope. In 2014, the State Secretariat (Pietro Parolin, second man, Angelo Piccio) invested $200 million in the Athens Fund managed by financier Rafael Mencio. The fund buys 45% of the building from the Mincione itself and another part of the capital is directed by the same financier to speculative operations: acquisitions on the stock exchange in Banca Popolare di Milano and in Carige for example. If it was known at that time that the conquests of Minción in Piazza Avary were also financed by the capital of the Vatican, then there would have been a scandal and everything would have stopped there. But they were all armored, covered, secret and information assets to very few. Among these, two key men in the management of the resources of the Pope: Monsignor Alberto Berlasca and the laity, Fabrizio Terrapasi, staff of the Secretariat. When it was finally understood that the working marriage between the Vatican and Mencione was meaningless, the Secretariat at the end of 2018 appointed Gianluigi Torzi, a skilled currency broker but a far from institutional figure, as adviser to the Secession.
Disagreement with Torzy
Meanwhile, Venezuelan Archbishop Edgar Pía Pará took Becciu’s place as a substitute for public affairs, the office that, among other things, ran the cash register. The Trust, which owns 45% of the building, has reached an agreement with Mincione: it acquires the remaining 55%, leaves the fund and pays a balance of 40 million pounds. It was born out of a dispute with Torzi over the management of the building which, after hard negotiations, ended with a payment of 15 million to the broker in May 2019. In this long period (2014-2019) the Vatican paid commissions to Mincione, Torzi and others for at least 100 million. But they are financiers, they do it by profession. A criminal trial will determine whether it is legal or not, and so will the protagonists within the Vatican. But without the tokens, anyone re-reading the history of the 2014-2019 five-year period comes to the conclusion that the management of the Secretariat’s assets was indisputably scandalous. Starting with the London Palace. Which is happily sold now. His ghost will remain for a long time.