dChan
Anonymous ID: 80d385 Nov. 10, 2021, 5:56 a.m. No.14966177   🗄️.is 🔗kun

Even The Tyler's are using Q verbiage now:

 

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Vatican Loses $135M In Shady London Property Deal Amid Allegations Of Massive Fraud

 

BY TYLER DURDEN

WEDNESDAY, NOV 10, 2021 - 04:15 AM

 

Even God's top authority on Earth has trouble with the simplest investing precept: buy low and sell high.

 

After a scandal that has dragged on for more than a year and led to the firing of one of the Holy See's most senior officials over a handful of shady London property deals that were bleeding millions in losses, the Vatican has finally decided to rip the bandaid off and sell a luxury office building in London's Knightsbridge neighborhood for a loss of £100MM ($135MM).

 

Per the FT, the Vatican is in the final stages of selling 60 Sloane Ave., a large building in the Knightsbridge district of London, for about £200MM ($271MM) to private equity group Bain Capital. Bain Capital and Savills, which is managing the sale, both declined to comment. Senior Holy See officials - including Cardinal Giovanni Angelo Becciu, the second-in-command of the Vatican's powerful Secretariat of State - invested a total of €350MM ($405MM) of money donated to the Catholic Church for charitable purposes in London properties including the Sloane Ave. building between 2014 and 2018.

 

Vatican investigators say the money was taken from Peter’s Pence, an annual donation given by Catholics around the world which, according to the Vatican, is intended "for the many different needs of the universal church and for the relief of those most in need."

 

At one point, the Vatican had a plan to convert the London building into luxury flats. Instead, the building has ended up at the heart of a scandal that has forced the Vatican to overhaul completely the way it manages its finances.

 

Late last year, Pope Francis stripped the Vatican's powerful central administration office of an investment portfolio worth hundreds of millions of euros comprising donations from the world's 1.2 billion Catholics.

 

Several property agents who spoke to the FT expressed surprise at the losses generated by the deal.

 

"I couldn’t quite understand how they [the Vatican] had lost money on it," said one agent with decades of experience in the London office market.

 

Whatever transpired during the deal, it appears to have reached "the Godfather III" levels of shadiness as Vatican prosecutors have charged a former Italian banker with crimes including embezzlement and fraud. The Vatican's prosecutors recently paused charges against the banker and a small group of alleged co-conspirators including a cardinal. The prosecution is now in a state of legal limbo.

 

https://www.zerohedge.com/markets/vatican-loses-135m-shady-london-property-deal-amid-allegations-massive-fraud