VATICAN CITY
The Irish Times
PADDY AGNEW
The controversial Vatican Bank, IOR (Istituto Per Le Opere di Religione), is in the wars again after its president was last night unanimously dismissed in a no-confidence vote by the bank’s board, all laymen.
President Ettore Gotti Tedeschi, who is being investigated on accusations of money laundering, was sacked because of his failure to fulfil “the primary functions of his office”, according to a Holy See statement. Members of the board believed Mr Tedeschi’s dismissal was needed to “maintain the vitality of the bank”, the statement said.
By all accounts, yesterday’s board meeting was far from tranquil, with Mr Tedeschi clashing bitterly with the other four lay members. Mr Tedeschi reportedly clashed with his board over the bank’s failure to respect international anti-money laundering regulations.
Note: This is an Abuse Tracker excerpt. Click the title to view the full text of the original article. If the original article is no longer available, see our News Archive.