Vatican selling London property at heart of fraud trial

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The Vatican said Friday it has signed a contract to sell a luxury London building that is at the heart of a fraud and embezzlement trial under way in the Vatican's criminal tribunal, recovering more than it expected from the loss-making investment.

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The Vatican's economy ministry also revealed, in releasing the the Holy See's budget for 2022, that 10 per cent of the deposit has been received and the sale is expected to be concluded in June. The budget foresees a narrowing of the Holy See's deficit to 33 million euros from 42 million euros last year.

The Vatican's purchase of the building, located at 60 Sloan Ave. in London's Chelsea neighborhood, has been one of the blackest marks on the Vatican's finances in recent years. The Secretariat of State poured some 350 million euros into the investment, much of it donations from the faithful, for a building that its previous owner had purchased for 129 million pounds - less than half the sum invested.

Vatican prosecutors have accused the Holy See's longtime money manager, Italian brokers and lawyers of fleecing the Holy See in the various contortions of the deal and of then extorting the Vatican of 15 million euros to finally get full ownership of the property, a former Harrods warehouse. That reputational blow, combined with the coronavirus pandemic, has impacted the Vatican's bottom line since much of the funding for the original London investment came from the Peter's Pence donations from the faithful that are destined for the pope's charitable works and the upkeep of the Holy See.

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