ROME
Reuters
By Philip Pullella December 20, 2014
A branch of the Franciscan religious order that runs churches and convents in 110 countries says fraud by some of its monks has plunged it into grave financial difficulty.
The Italian news magazine Panorama reported in its latest edition that tens of millions of euros of funds from the Order of Friars Minor (OFM) had been invested in offshore shell companies.
Brother Michael Perry, head of the OFM, said an internal investigation had uncovered “a number of questionable financial activities that were conducted by friars entrusted with the care of the patrimony of the order”.
In a letter posted on the OFM website on Wednesday, Perry said the order was in “grave, and I underscore grave, financial difficulty, with a significant burden of debt”.
The letter, addressed to all friars, said the order’s general treasurer had resigned but gave no details.
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