This is the first time the court has issued a prison sentence for financial crimes. Court-appointed experts estimated the bank lost some €34 million in potential revenue due to the under-valuing of the sales of 29 Vatican properties by Caloia and Liuzzo between 2001 and 2008 . They allegedly siphoned off tens of millions of euros by declaring far less than the true amount of the sale.
It is likely that the aged men will out-live the appeal process.
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