For ‘bad’ management, ex-directors of the Vatican Bank are sanctioned

A Vatican appeals court upheld the convictions of two former managers of the Vatican bank for ‘bad’ management and them ordered to return about 40 million euros lost in bad investments more than a decade ago

The court had sentenced Paolo Cipriani and Massimo Tulli in 2018 and had found them responsible for its mismanagement. The two resigned in 2013.

The Court confirmed the sentence in the first degree, of February 6, 2018, which forced them to pay the aforementioned fine due to their “mismanagement” of the Institute for Works of Religion, the IOR, known as the Vatican Bank.

Former directors of the Vatican Bank sanctioned

Those convicted were sentenced to compensate the IOR for “damage caused”

In this second instance, the court rejected the appeal filed by the convicts and sentenced them to compensate the IOR for “the damage caused” with a total of 40.5 million euros.

Specifically, 35.7 million euros as emerging damage, that is, for the damage derived from a negative action on a patrimonial asset, and 4.7 million due to loss of profit, for the profit that the entity did not obtain because of those responsible .

As we have mentioned in other informative notes from AmericanPost.NewsThey will also have to pay the procedural costs of the trial of first and second instance.

Cipriani and Tulli have had to answer for their mismanagement during the years they were in charge of the Vatican banking entity, from 2010 to 2013, when they resigned, leaving behind a period plagued by financial irregularities.

The trial against him, initiated by the IOR’s own complaint, was the first of its kind in the Vatican City State and opened a process promoted in recent years by transparency and by adapting to international standards.

Thanks also to the reforms of Pope Francis, which have allowed the opening of investigations and trials of an economic nature still underway in the court of the Holy See.

The IOR explained in a statement that the trial against Cipriani and Tulli is the consequence of “a profound work of renovation and transformation” of the bank, until a few years ago punctuated by several scandals.

In this way, he alleges, the IOR has been able to implement “important reforms of the Vatican financial sector” and has been able to “identify the abuses committed to its detriment and defend its heritage, which is also the heritage of the Roman Church”.

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