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The Man Behind the Raid in the Vatican: Raffaele Mincione

Raffaele Mincione, 54, born in Pomezia, Italy, runs the Jersey trust, The Capital Investment. He makes money for himself by working with money of others.

While in financial difficulties in 2012, Mincione bought London’s Sloan Avenue 60 for 168,95 milion euros with third-party funds, FattoQuotidiano.it (November 8) writes.

In 2014, Archbishop Becciu, then the deputy Vatican's Secretary of State, invested 147 million euro in Mincione’s business. Part of this was used to by 45% of the Sloan Avenue property. The plan was to turn it into luxury apartments for sale at 600-700 million.

But the permit to transform the building arrived only at the end of 2016, while Brexit brought down the pound sterling and the London real estate market.

Archbishop Peña, Becciu’s successor, used a 130-million-euro mortgage to buy the whole building in order to get rid of Mincione as a partner.

However, the mortgage was burdensome. Therefore, Peña asks the Vatican Bank for 150 million euros.

This triggered the famous raid in the Secretary of State.

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These days I know a few priests who were in accounting before entering the seminary. If they are going to attempt these sorts of schemes, they ought to at least have the Francis-humility to ask the advice of someone with real knowledge. Could anyone anticipate Brexit or Trump? No. But even Francis' Holy Spirit doesn't intervene with messy, high risk investing or with keeping a little for oneself …More
These days I know a few priests who were in accounting before entering the seminary. If they are going to attempt these sorts of schemes, they ought to at least have the Francis-humility to ask the advice of someone with real knowledge. Could anyone anticipate Brexit or Trump? No. But even Francis' Holy Spirit doesn't intervene with messy, high risk investing or with keeping a little for oneself on the side, perhaps, which reminds me of a scripture...