Financial Scandals: Dioceses Not Better Than Vatican

Pesaro Archdiocese, Italy, invested €616’000 with ValorLife Lebensversicherungs-Aktiengesellschaft in Vaduz, Liechtenstein, in 2003/2004 and lost everything, according to October 18 media reports.

The money came from parishes. The archdiocese didn’t insist to get the money back, likely to avoid a scandal.

Only recently, a civil cause was started against ValorLife which since was sold different times.

According to a diocesan lawyer, the Archdiocese signed a speculative investment contract with high risk money and not, as was intended, life policies with guaranteed capital.” It is unclear how this could happen.

A couple of years earlier, the Territorial Prelature of Loreto, Italy, lost about €11 million in a failed investment.

Picture: Pesaro, © wikicommons, CC BY-SA, #newsTpvuerxvka