Two former Vatican bank managers face embezzlement investigation

Europe Online
December 6, 2014

http://en.europeonline-magazine.eu/two-former-vatican-bank-managers-face-embezzlement-investigation_367021.html

Rome (dpa) - Prosecutors are investigating two former Vatican bank managers for embezzling money during the sale of Vatican-owned real estate from 2001 to 2008, the bank said Saturday.

The investigation was launched against the two men and their lawyer several months ago after irregularities were discovered last year, Federico Lombardi, a spokesman for the bank, which is called the Institute for Religious Works, told Italy‘s ANSA news agency.

The men are suspected of embezzling money while managing the sale of 29 Vatican-owned buildings to mainly Italian buyers. Their accounts have been frozen as part of the investigation.

"We are pleased that the Vatican authorities have responded in such a resolute way," bank President Jean-Baptiste de Franssu said Saturday, adding that the case was an example of the bank‘s "commitment to transparency and zero tolerance."

The bank, which manages Vatican finances, has been at the centre of a series of financial controversies for several decades. In recent years, it has overhauled its management and frozen hundreds of accounts to comply with international anti-financial misconduct and money-laundering laws.