Vatican's Cardinal Becciu on trial in $412m fraud case

A Roman Catholic cardinal who was once a close ally of Pope Francis is going on trial in the Vatican, accused of misusing Church funds in a ruinous London property venture.
Cardinal Angelo Becciu, 73, is the most senior cleric in modern times to face trial for alleged financial crimes.
He is charged with spending €350m (£299m; $412m) of church money on a botched deal to buy a property in Chelsea that incurred huge losses.
He denies wrongdoing.
Nine other defendants are also accused of charges including extortion, embezzlement and abuse of office.
Cardinal Becciu was sacked by the Pope in September, as reports of financial misdeeds emerged.
A two-year investigation exposed how the Vatican lost millions of euros, including donations from worshippers, after buying a prestigious former Harrods warehouse in Sloane Avenue, Chelsea, in 2014. The cardinal was formerly in charge of donations at the secretariat which handles Vatican funds.
The charges against him include allegedly channelling money to businesses run by his brothers in their native Sardinia.
The trial is expected to last for months. The two hearings this week - on technical matters - are likely to be adjourned until October. The nine others accused include:
Swiss lawyer René Brülhart, who previously headed the Vatican's financial regulation body, the former Financial Information Authority, and his ex-deputy Tomasso di Ruzza
Monsignor Mauro Carlino, who was Cardinal Becciu's private secretary
Enrico Crasso, a former Vatican investment manager
Cecilia Marogna, accused of buying luxury goods with funds authorised by the cardinal for Vatican intelligence work, including efforts to free clergy held hostage in various countries.
The defendants deny wrongdoing. If found guilty, they could face jail terms or fines, or both.
Prosecutors allege that a London-based broker, Gianluigi Torzi, defrauded the Vatican while using its money to buy shares in the Chelsea building, which was to be converted into luxury apartments. Mr Torzi says the allegations are based on a misunderstanding. Italy is trying to get him extradited from the UK.
The Vatican's new finance chief, Juan Antonio Guerrero, has said the Vatican is now making unprecedented efforts to be transparent about its financial affairs.
On 24 July the Vatican for the first time published details of its investment portfolio: 4,051 properties in Italy and some 1,120 properties in London, Paris, Geneva and Lausanne.
"We come from a culture of secrecy, but we have learned that in economic matters transparency protects us more than secrecy," Fr Guerrero said.
Source: BBC
Trending News
Police to engage #OccupyJulorbiHouse organisers for debriefing after 3-day protest
21:35You preach democracy and practice the opposite – Akufo-Addo attacks global powers
09:35NPP, NDC leaders are serving party not Ghana - PLF
12:37Economic integration surest way to guarantee Africa’s peace, prosperity says Gabby Otchere-Darko
05:04Slave trade: Europe, America must pay reparation to Africa – Akufo-Addo
09:06Stay away from our lands – GAF to public
12:12Addo-Kufuor denies being Ghana's 3rd richest with $1.2bn net worth
01:26S/R: Provide immediate relief for Buipe flood victims – Jinapor tells gov’t
11:14All NPP’s ill decisions still binding on Alan Kyerematen – NDC communicator
11:12UE/R: Mahama Ayariga condemns tragic shooting in Pusiga district
13:59