Former head of Vatican bank guilty of embezzlement, money laundering

Spread the love

Caloia, 81, was president of the bank, officially known as the Institute for Works of Religion (IOR) between 1999 and 2009.

A Swiss Guard is pictured at the Vatican (photo credit: REUTERS)

A Swiss Guard is pictured at the Vatican

(photo credit: REUTERS)

A Vatican court on Thursday convicted Angelo Caloia, a former head of the Vatican bank, on charges of embezzlement and money laundering and handed down an eight-year, 11-month jail sentence.

Caloia, 81, was president of the bank, officially known as the Institute for Works of Religion (IOR) between 1999 and 2009. He became the highest ranking Vatican official to be convicted of a financial crime.

Also convicted were Gabriele Liuzzo, 97, and his son Lamberto Liuzzo, 55, both Italian lawyers who were consultants to the bank.

The three were charged with participating in a scheme in which they embezzled money while managing the sale of Italian real estate owned by the bank between 2001-2008.

They allegedly siphoned off tens of millions of euros by declaring far less than the actual amount of the sale.

READ ALSO:  'A beautiful day' in Italy, as shops and bars finally reopen

Gabeiele Liuzzo was given the same sentence as Caloia while Lamberto Liuzzo was given a sentence of five years and two months. All denied wrongdoing during the trial, which began in 2018.

 346 

RECOMMENDED READ:
Pope Francis visits Holocaust survivor in Rome

On Saturday, Pope Francis made a visit to Edith Bruck, a Hungarian-born Holocaust survivor, at her home in Rome. Vatican Read more

Italy’s parties enthuse over Draghi, 5-Star postpones online vote

Italy’s political parties on the left and right enthused at the prospect of backing a Mario Draghi government after meeting Read more

Italy’s president calls on Draghi to save country from crisis

Italian President Sergio Mattarella looks set to ask former European Central Bank chief Mario Draghi to form a government of Read more

Leave a Reply