UK court backs Vatican, refuses to say London financier acted in 'good faith' in property deal

VATICAN CITY (AP) — A British court on Friday largely backed the Vatican and refused to declare that a London-based financier acted in “good faith” in his dealings over the Holy See’s 350-million euro (US$375 million) investment in a London property.

The British High Court said the Vatican “had reason to consider itself utterly let down” in its experience with Raffaele Mincione, who had managed the money-losing investment for the Holy See for a number of years before another financier took over.

Mincione had sought the ruling in a bid to clear his name in the British courts after he was convicted by a Vatican criminal tribunal in December 2023 for his role in the property deal. He had asked the British High Court to declare that he acted “in good faith," among other requests.

The court granted a number of Mincione's claims and rejected some of the Vatican’s allegations against him. But in the ruling, Judge Robin Knowles said that “on the evidence I heard at trial, the State (Vatican) had reason to consider itself utterly let down in its experience” with Mincione.

Mincione and his companies “made no attempt to protect the State (Vatican) from fraudulent bad actors. They took no care towards the State and they put their own interests first. The State expected more from professional counterparts, in Mr Mincione and others,” the court found.

Mincione and his lawyers claimed victory, saying the majority of their other claims were accepted by the court.

“It is a relief that, after years of being wrongly accused by the Vatican of stealing its money, the English Commercial Court has fully rejected the Vatican’s case that I or the Athena Capital fund or WRM Group were dishonest or part of any conspiracy or fraud in relation to the negotiation and sale relating to the 60 Sloane Avenue building in 2018,” Mincione said in a statement.

The London case was the first time the Holy See had been put on trial in a foreign court. It was part of the collateral damage that the Vatican incurred in deciding to prosecute 10 people, including Mincione, for a range of financial crimes surrounding its money-losing London investment.

Vatican prosecutors accused Mincione and others of fleecing the Holy See of tens of millions in euros in fees and commissions. Another London broker, Gianluigi Torzi, was accused of then extorting the Vatican for 15 million euros to cede control of the building. They were both convicted by the Vatican court, along with seven others including a cardinal, and are appealing.

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