Ex-Vatican Bank head sentenced to prison

A Vatican appeals court on Friday upheld the eight-year and 11-month prison sentence of former Vatican Bank president Angelo Caloya for embezzlement and other crimes related to asset sales.

Angelo Galoia, 83, and his lawyer, Gabriele Liuzzo, were convicted in the first instance in January 2021. The ruling – the Vatican state’s first prison sentence for a financial crime – was deemed “irreversible” by an appeals court, which came amid Pope Francis’ anti-corruption campaign.

The case was revealed in 2014 and involved the sale of 29 properties between 2001 and 2008 belonging to the Institute of Religious Works (IOR) – also known as the “Vatican Bank” – which was led by Galoya for 20 years before he left in 2009. – Mainly in Rome, but also in Milan and Genoa, which includes 20 abuses.

These properties were sold for 34 million euros below their market value, and part of the amount saved by the buyers ended up in the pockets of the accused, who were later placed in Swiss accounts with the help of the lawyer’s son. The defendants allegedly received approximately €19 million as a result of the alleged crimes.

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