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After a real estate scandal in London, Pope Francis overthrew the highest authority in the Vatican. The Pope withdrew financial sovereignty from the Secretariat of State, as announced by Vatican spokesman Matteo Bruni. Instead, the management of assets and real estate is now handled by the Vatican’s asset management, Apsa.
The Pope has also created a commission to oversee the transfer of capital and property values over the next three months.
The Vatican published a letter from the Pope to Cardinal Secretary of State Pietro Parolin in August. In it, Francisco announced the reorganization of finances. In the letter, the Pope specifically addresses the controversial investment in commercial property in London and the investment in the Centurion fund.
Francis: “Prevent reputational risk”
The Vatican should withdraw from both agreements as soon as possible or “at least get rid of it in such a way as to avoid any risk of damage to reputation,” the Pope wrote.
Investigations into fraud, corruption and money laundering are ongoing at the Vatican due to the controversial real estate deal in the posh London borough of Chelsea. The Vatican began investing in the project in 2014. The investigation has already led to the resignation of influential Cardinal Angelo Becciu.
