PanamaTimes

Tuesday, Oct 27, 2026

Leaked documents detail $200 million Vatican deal for swanky London property

Leaked documents detail $200 million Vatican deal for swanky London property

“Hundreds of millions of Euro destined for the least and the poor are still administered opaquely and with no transparency, as if the Vatican were a merchant bank in an offshore country,” a new report claims.

Against the backdrop of a Synod of Bishops on the Amazon dedicated to the defense of some of the world’s most impoverished people, the Vatican finds itself rocked by yet another financial scandal after publication Sunday of seamy details about a $200 million purchase of a swanky 183,000-square-foot apartment building in the Chelsea district of London.

“Hundreds of millions of Euro destined for the least and the poor are still administered opaquely and with no transparency, as if the Vatican were a merchant bank in an offshore country,” the report claims.

For Pope Francis, who came to office in 2013 on a reform mandate and who launched a sweeping reorganization of Vatican finances early in his papacy, the revelations are the latest index of how much remains to be done in terms of injecting accountability in terms of money management.

The report in L’Espresso, a widely read Italian news magazine, was authored by journalist Emiliano Fittipaldi, who was charged by the Vatican in 2015 with illicit divulgation of confidential information amid what came to be known as the “Vatileaks II” scandal. Fittipaldi and fellow journalist Gianluigi Nuzzi were eventually absolved for lack of jurisdiction.

The L’Espresso account is based on confidential reports from Vatican investigators obtained by Fittipaldi, suggesting the possibility of yet another “Vatileaks” scandal involving the leaking of supposedly secret documentation.

According to the report published Sunday, the Secretariat of State, the Vatican’s ultra-powerful coordinating department, controls roughly $725 million in funds off the books related to the annual “Peter’s Pence” collection, which is designed to allow individual Catholics to contribute to the pope’s charitable activities.

In fact, according to Fittipalidi’s report, most of those funds are instead diverted into “reckless speculative operations,” with 77 percent of the Peter’s Pence collections entrusted to Credit Suisse, the multinational financial services and investment company founded in Switzerland.

L’Espresso cites Vatican investigators charging that the use of those funds, roughly $560 million, has been marked by “garish irregularities” and “worrying scenarios.”

In addition, Fittipaldi’s report also suggests that an ongoing internal investigation of those irregularities may be motivated less by an honest desire to get to the truth and impose transparency, and more by a desire to settle accounts and alter the balance of power within the Vatican, especially with regard to the Financial Information Authority, an anti-money laundering watchdog unit created under Pope emeritus Benedict XVI.

The director of the Financial Information Authority, Italian layman Tommaso di Ruzza, was one of five Vatican employees recently suspended amid the unfolding investigation that also led to the resignation of the powerful commander of the Vatican gendarmes, Domenico Giani, following a leak of a memorandum on the probe prepared by Giani to the Italian media.

Sunday’s report details the affair involving the London apartment building, which has its origins in 2012 when an Italian financier named Raffaele Mincione was approached about investing $200 million on behalf of the Vatican in an oil company in Angola. According to Fittipaldi’s account, the operation was the idea of then-Monsignor Angelo Becciu, at the time the number two official in the Secretariat of State and a former papal ambassador in Angola.

Becciu is today a cardinal and the prefect of the Vatican’s Congregation for the Causes of Saints.

Eventually, however, the Angola project fell apart, leading Mincione to propose investing the $200 million in a London real estate deal instead, involving the purchase of a former warehouse for Harrod’s and converting it into luxury apartments. Mincione, based on Italian media reports, is a well-known corporate raider whose 12-meter private sailboat is named Bottadiculo, which is idiomatic for “lucky break” but literally means “slap on the butt.”

The deal went ahead, with the Vatican purchasing 45 percent of the property. A Brexit-induced downturn in the London real estate market, however, resulted in returns being less than projected, and in 2018, under the Secretariat of State’s new number two, Venezuelan Monsignor Edgar Peña Parra, the Vatican decided to pull out of the Athena Capital Global fund administered by Mincione and based in Luxembourg.

The exit strategy, however, involved the Vatican purchasing the remaining 55 percent of the property, in a deal signed in November 2018 by Monsignor Alberto Perlasca, at the time a key official in the Secretariat of State who was appointed in July by Pope Francis as the Promoter of Justice, or prosecutor, in the Vatican’s highest court, the Apostolic Signatura.

Fittipaldi asserts that between the original 2012 investment and the 2018 purchase, Mincione cleared almost $170 million in income. According to Fittipaldi, he still defends the investment: “I didn’t want to pull out, they asked me to,” he said. “It’s still an optimal operation: All that has to be done is to get going on the renovations and sell the apartments,” Mincione said.

According to the report, it was the director general of the Institute for the Works of Religion, the so-called “Vatican bank,” Italian layman Gian Franco Mammì, who objected to the 2018 transaction and triggered an investigation. While that may seem to make Mammì a whistleblower, Fittipaldi quotes unnamed Vatican insiders claiming that his actual motive was to wrest control of the Peter’s Pence funds away from the Secretariat of State for the Vatican bank.

In any event, a formal complaint was lodged with the Vatican’s Promoter of Justice on July 2, leading to the suspension of the five employees and Giani’s ouster.

In the meantime, according to Fittipaldi, the Vatican gave control over its London investment to another Italian financier named Gianluigi Torzi, who is himself under investigation by Italian authorities for an incident in which he allegedly changed the locks on a property near his seaside villa without authorization.

In effect, the Vatican did not directly acquire the remaining share of the London property through the Administration of the Patrimony of the Apostolic See (APSA), the Vatican’s central financial clearinghouse that generally administers its real estate holdings, but worked through another Luxembourg financial company run by Torzi.

Also involved in the deal as an “absolute protagonist,” according to Fittipaldi, was Italian Monsignor Mauro Carlino, a longtime aide to Becciu who was promoted by Pope Francis to become the head of information and documentation at the Secretariat of State over the summer.

Despite Di Ruzza’s suspension, Fittipaldi quotes unnamed sources suggesting that the Financial Information Authority actually signaled the London deal as a suspicious transaction to authorities both in the UK and Luxembourg and tried to block the transaction.

That background, according to Fittipaldi, has generated suspicions that the raid on Di Ruzza and his suspension is actually an attempt to neutralize the Financial Information Authority with regard to the Secretariat of State.

“Judicial papers risk being used to settle accounts within the sacred walls,” Fittipaldi wrote.

“For Francis, facing this new scandal, it won’t be easy to extricate himself amid real enemies, fake friends, people making good suggestions and counselors with shady motives,” Fittipaldi concludes.

Newsletter

Related Articles

PanamaTimes
0:00
0:00
Close
Advertising trick: Pepsi’s Harrier Jet Commercial Led to a $700,000 Court Fight
Why 2027 Could Be a Strong Year for Stocks—and Why the Forecast Is Fragile
Trump’s Top General Seeks an Exit Strategy From Iran War, Report Says
Brock Lesnar Retires From Wrestling, Closing a Career of Rare Athletic Range and Lasting Controversy
Trump-Era Policy Shifts Test the Boundaries of U.S. Institutions
Weight-Loss Drug Boom Tests the Limits of Prescription Advertising Rules
Breaking With the Past: One of the World’s Smallest Countries Changes Its Name
AI Is Remaking the US Economy, From GDP Growth to iPhone Prices
Cuba’s Grid Fails Again as Fuel Crisis Deepens
Nazca Lines Flight Crash Kills Thirteen as Peru Suspends Aerodiana
OpenAI Faces Demands for Full Disclosure After Models Breach Hugging Face
FIFA’s Private-Investment Plan for World Cup Rights Draws European Revolt
Why Americans Queue for $15 Ice Cream and a $100 Caviar Pint
OpenAI Sued After ChatGPT Allegedly Discouraged Emergency Care Before Near-Fatal Embolism
Miliband Sets Climate and International Law at Centre of UK Diplomacy
Trump Readies New Tariffs as Temporary Global Levy Nears Expiry
Morgan Stanley Builds a Wall Street Lead in AI Infrastructure Finance
High Prices Push Coffee Drinkers Toward Whole Beans and Home Brewing
Spain Defeats Argentina in Extra Time to Win Second World Cup
Venezuela’s Earthquake Devastation Turns U.S. Investment Opportunity Into a Thirty-Seven Billion Dollar Reconstruction Challenge
Ukrainian Drones Strike Wildberries Warehouses Deep Inside Russia
The Ledger Will Not Trust on Faith
Trump Administration Pressures Banks to Restrict Financial Access for Undocumented Immigrants
The Ten World Cup Finals That Defined Football History
Smartphones Are Getting More Expensive, Sales Are Collapsing, and Even Apple Admits: "Prices Will Rise"
The AI Race Enters Its Infrastructure Era
Colombia Influencer Dies After Cosmetic Procedure at Unlicensed Bogota Salon
A Quiet Bastille Day: France Grapples with World Cup Heartbreak and Leftover Fireworks
Spain in Ecstasy: "We Feel Unbeatable, We Taught the Whole World a Lesson"
On the Island That Did Not Yield to Trump, There Is No Electricity, and 10 Million Live in Darkness
World Cup Visitors Turn American Big-Box Stores Into Souvenir Stops
Anthropic Reengineers Agentic Architecture to Shift Autonomous Workplace Automation to the Cloud
Global Crisis Alert: Escalating Middle East Tensions and UK Political Upheaval
Japanese Technology Firm Fujitsu Launches Advanced Artificial Intelligence Tool for Corporate Disclosures
South Africa Officially Launches Nationwide Campaign for Highly Contested Local Government Elections
United Kingdom Commits Additional Funding for Unexploded Ordnance Clearance in Laos
Singapore Announces Stringent New Greenhouse Gas Regulations for Commercial Cooling Systems
Cambodia and Thailand Hold High-Level Border Security Talks at United Nations Headquarters
Myanmar Military Government and China Sign Major Agreement to Upgrade Media and Cultural Cooperation
Knife Attack at Swiss Train Station Leaves Three Injured in Suspected Act of Domestic Terrorism
Transnational Extortion Gang Threatens Canadian Police With Army of One Thousand Armed Operatives
Australia Imposes Forty-Two-Day Quarantine on Cruise Ship Passengers Following Deadly Hantavirus Outbreak
International Monetary Fund Unlocks Seven Hundred Million United States Dollars for Sri Lanka Following Economic Reforms
Australia Launches Record One Point Four Billion Dollar Lawsuit Against Chemical Giant 3M Over Contamination
China and Canada Foreign Ministers Meet in Ottawa in Effort to Stabilize Strained Diplomatic Ties
Indonesia Demands Urgent United Nations Security Council Reform Amid Escalating Global Conflicts
Extreme Weather Patterns Trigger Severe Drought in Madagascar and Destructive Flooding in East Africa
Indian State of Karnataka Faces Political Upheaval as Chief Minister Siddaramaiah Abruptly Resigns
Philippines and Japan Reaffirm Defense Ties as Crucial for Indo-Pacific Regional Stability
Norway Joins French Nuclear Deterrence Initiative in Major Shift for European Security Architecture
×