The High Court of England and Wales has ruled that the Vatican Secretariat of State was deceived by Italian financier Raffaele Mincione in the controversial purchase of a London property on Sloane Avenue. The ruling, published on February 21, confirms that Mincione and his companies withheld key information and misrepresented the property’s value, causing significant financial harm to the Holy See.
Mincione Previously Sentenced for Financial Crimes
The ruling follows a December 2023 conviction in the Vatican court, where Mincione was sentenced to five years and six months in prison for financial crimes, including money laundering, embezzlement, and corruption. He was also ordered to forfeit €200.5 million ($210 million)—one of the largest financial penalties ever imposed by the Vatican judiciary.
Cardinal Becciu Also Implicated in Fraudulent Investment
Cardinal Angelo Becciu, a former deputy secretary of state, was also convicted in the Vatican trial and sentenced to five and a half years in prison for embezzlement of public funds. The ruling revealed that Becciu authorized the $200 million transaction from the Vatican Secretariat of State’s reserved funds between 2013 and 2014 to acquire shares in a fund managed by Mincione.
British Court Rejects Mincione’s Legal Challenge
Following his Vatican conviction, Mincione filed a lawsuit against the Vatican Secretariat of State in June 2020, seeking a legal declaration that he had acted in good faith during the London property transaction. However, Judge Robin Knowles’ 50-page ruling dismissed his claims, stating that Mincione had made “unrealistic” statements about the property’s value and took advantage of the Vatican’s lack of investment experience.
Ruling Strengthens Vatican’s Legal Standing
According to Vatican News, the ruling sets a major precedent by officially recognizing that the Vatican was a victim of financial fraud. Vatican journalist Andrea Tornielli emphasized that the lack of transparency and ethics in Mincione’s dealings could impact ongoing judicial proceedings related to Vatican finances.
Vatican promoter of justice Alessandro Diddi welcomed the decision, stating that the British court’s ruling validates the Vatican tribunal’s conclusions. “The British judges have confirmed that Raffaele Mincione did not act in good faith, reinforcing that the Vatican court’s assessment of the case was correct,” Diddi said.
Mincione has the right to appeal the decision, but legal experts suggest that the ruling could influence future financial misconduct cases involving the Holy See.
