ROME
Deutsche Welle
The Order of Friars Minor (OFM), the Catholic Church’s most prominent brotherhood of Franciscan friars, has said dubious dealings have led the OFM into serious financial trouble. An investigation is underway.
In an open letter posted on the OFM website Brother Michael Perry, head of the OFM, revealed that the results of an internal investigation showed the order was in serious financial difficulty and deeply in debt. Shady dealings by some friars with fiduciary responsibilities had put the order’s finances at risk.
The Italian news magazine Panorama reported in its latest edition, under the headline “Franciscans at the cusp of bankruptcy” (Francescani sull’orlo della bancarotta), that tens of millions of euros of the OFM’s funds had been invested in offshore shell companies. Some of the money apparently went missing in connection with the purchase and renovation of a hotel in central Rome.
Perry’s letter, addressed to all the Order’s friars, said the order’s general treasurer, Giancarlo Lati, had resigned, but gave no details.
Perry’s letter identified “three important elements” as having emerged from the OFM’s internal investigation into the order’s finances.
“First, the General Curia finds itself in grave, and I underscore ‘grave’ financial difficulty, with a significant burden of debt,” Brother Perry wrote.
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