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Building at center of Vatican corruption trial sold for millions
The American firm Bain Capital bought the Vatican-owned London property for $224 million
I.Media for Aleteia - published on 07/01/22 - updated on 07/01/22
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The Administration of the Patrimony of the Apostolic See (APSA) has sold the now-famous building at 60 Sloane Avenue in London for 186 million pounds sterling (roughly $224 million) to the American company Bain Capital, the Holy See Press Office announced on July 1, 2022. This property, acquired by the Secretariat of State in 2014, is at the heart of a financial scandal for which ten people, including a cardinal, Angelo Becciu, are currently being prosecuted by the Vatican justice.
The sale was announced on January 28, but the sum agreed between the two parties had remained secret and only 10% of it had been paid. The conclusion of the transaction had been announced previously for June.
The Holy See explains that the entire transaction was monitored by the Secretariat for the Economy, which now has a supervisory role over the entire economic apparatus of the small state.
Transparency and independence
To evaluate the transaction, the secretariat announced that it had launched a call for proposals in January 2021 to select the person in charge of ‘due diligence’, i.e. the organization of the sale. The process resulted in the choice, among 16 offers, of the British real estate broker Savills.
The Holy See presented this process as a guarantee of “transparency” and “independence” for the operation, a way of distinguishing itself from the secrecy and accusations of fraud that have plagued the previous transactions concluded by the Holy See to acquire the building. The trial currently underway focuses on the conditions in which the due diligence conducted by the Italian-British brokers Raffaele Mincione and Gianluigi Torzi were carried out in 2013 and 2019.
In its statement, the Holy See also takes care, as it has done since 2020, to emphasize that the losses incurred in the financial operation have not affected the funds for St. Peter’s Pence. The latter, called ‘Obolus’, collects the money paid each year by the faithful to help the pope in his mission.
Controlled until December 2020 by the Secretariat of State (subsequently transferred to APSA), the fund was used to purchase the Sloane Avenue building, the former headquarters of Harrod’s. The losses have been transferred to the Secretary of State’s reserve fund, APSA says.
Losses difficult to calculate at this time
The losses of the Holy See in the operation are difficult to assess, although it is known that the first investment of the Holy See made to acquire this property was 200 million dollars. It would have been followed by other investments later, not communicated at the moment by the Holy See, as well as by the payment of 15 million euros to finance a takeover operation led by the broker Gianluigi Torzi in 2019.
At the eighth hearing of the trial of the London building in February 2022, the civil parties – the Holy See – estimated the losses at 217 million euros ($226 million in USD). This loss is a significant increase compared to the first estimates, which a year earlier estimated the losses at 76 and 166 million euros.
The Financial Times, in November 2021, mentioned for its part losses of around 115 million euros in case of sale at 230 million euros. This sum reaches 132 million euros if one relates it to the real sale price of the building announced today.
For his part, the businessman Raffaele Mincione, questioned on June 7 during the trial, stated that, according to his plans, the sale should have been carried out at around 350 million pounds sterling ($423 million USD) after an additional investment of 115 million euros to redevelop the building. The sale, under these conditions, would have allowed the Holy See to make a real capital gain.
https://aleteia.org/2022/07/01/building-at-center-of-vatican-corruption-trial-sold-for-millions/
https://www.baincapital.com
About Bain Capital
We are one of the world’s leading private investment firms with approximately $160 billion in assets under management that creates lasting impact for our investors, teams, businesses and the communities in which we live. Founded in 1984, we pioneered a consulting-based approach to private equity investing, partnering closely with management teams to offer the insights that challenge conventional thinking, build great businesses and improve operations. Over time, we have organically expanded this approach across asset classes to build one of the strongest alternative asset platforms in the world.
Today, our teams strive to create value through private equity, public equity, fixed income, credit, venture capital and real estate investments across multiple sectors, industries, and geographies. We believe that our people and the shared values we’ve espoused since our founding remain the core of our competitive advantage. This has empowered us to deliver an enduring impact to a diverse group of investors including pensions, endowments, foundations and individuals.
Our History
In 1984, former Bain & Company partners founded Bain Capital as a private partnership focused on deploying management consulting strategy to private equity investing. Since our founding, Bain Capital has remained highly aligned to our limited partners and grown to become one of the world’s largest private, multi-asset investing firms. Bain Capital is a private, employee-owned company.
1984
BAIN CAPITAL FOUNDED
From our founding as a private equity firm, we’ve extended our approach across asset classes to include public equity, credit, venture capital and real estate. And, we leverage our shared platform to capture cross-asset class opportunities in strategic areas of focus.
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The Bain of Capitalism
TUESDAY, JANUARY 10, 2012
It’s one thing to criticize Mitt Romney for being a businessman with the wrong values. It’s quite another to accuse him and his former company, Bain Capital, of doing bad things. If what Bain Capital did under Romney was bad for society, the burden shifts to Romney’s critics to propose laws that would prevent Bain and other companies from doing such bad things in the future.
Don’t hold your breath.
Newt Gingrich says Bain under Romney carried out “clever legal ways to loot a company.” Gingrich calls it the “Wall Street model” where “you can basically take out all the money, leaving behind the workers,” and charges that “if someone comes in, takes all the money out of your company and then leaves you bankrupt while they go off with millions, that’s not traditional capitalism.”
Where has Newt been for the last thirty years? Leveraged buyouts became part of traditional capitalism in the 1980s when enterprising financiers began borrowing piles of money, often at high interest rates, to buy up the stock of ongoing companies they believe undervalued. They’d back the loans with the company assets, then typically sell off divisions and slim payrolls, and resell the company to the public at a higher share price – pocketing the gains.
https://robertreich.org/post/15627255844
Nicaragua. Government orders Missionaries of Charity to shut down
According to the Nicaraguan authorities the Missionarie of Mother Teresa of Calcutta operating in the Central American country have failed to comply with their obligations. The decision comes amidst ongoing tensions between the Sandinista government and the Catholic Church.
By Lisa Zengarini 01 July 2022, 13:36
In what seems to be a new crackdown against the Catholic Church in Nicaragua, the Sandinista Government led by President Daniel Ortega has announced the closure of an Association run by the Missionaries of Charity (MC), alongside other 100 NGOs, including a number of Catholic organizations operating in the country.
The official reason of the provision
The measure was ordered by the Nicaraguan Ministry of the Interior and is expected to be approved in the coming days by the National Assembly, where Ortega’s Sandinista National Liberation Front party (SNLF) holds an overwhelming majority.
According to the Nicaraguan authorities, the Association of the MC has “failed to comply with its law obligations”, and specifically with “Law 977” on money-laundering financing of terrorism, and financing of proliferation of weapons of mass destruction.
Moreoever, says the Ministry of the Interior, the Missionaries are not accredited “by the Ministry for the Family to function as a nursery-center for childhood development, home for girls, and home for the elderly,” nor “do they have an operating permit from the Ministry of Education to provide remedial education for students” and their “financial statements reported to the Ministry of the Interior don’t agree” with other documents presented for review.
Other Catholic NGOs to be closed
The list of Catholic organizations the Government has ordered to close also include the Spirituality Foundation for Children of Nicaragua, the Catholic Foundation for Human Development Assistance for Nicaraguans, the My Childhood Mothers Foundation, and the Diriomito Children’s Care Home Association.
Working in Nicaragua since 1988
The Missionaries of Charity have been operating in Nicaragua since 1988, following the visit St. Mother Teresa made to the Central American country during the first term of Daniel Ortega.
The nuns run the Immaculate Heart of Mary Home in the city of Granada, where they take in abandoned adolescents or victims of abuse. In the Nicaraguan capital Managua they run a nursing home, which provides the elderly with food, clothing, and other care. The MC also provide remedial education for minors at risk and run a nursery for poor children.
Ongoing tensions between Government and Church
The decision on the closure comes in the context of heightened tensions between the Catholic Church and Ortega’s government who has been governing the Central American country for 15 years.
Relations have been tensed since 2018 when Nicaraguan authorities clamped down on protests against a series of controversial reforms to the social security system. Despite attempts to mediate in the crisis, bishops were ultimately banned from the dialogue and relations further worsened after the controversial 2021 elections which confirmed President Ortega, amid allegations of fraud and the political persecution of rival presidential candidate.
In that same year Ortega and his wife, who is now vice-president, called the bishops “coup perpetrators,” “foreign agents,” and accused them of preaching a false Christianity.
Early in March this year the government declared the Apostolic Nuncio to Nicaragua, Polish Archbishop Waldemar Stanislaw Sommertag, “persona non grata” and expelled him. The Holy See expressed surprise and regret at the notification, sayng the measure is “incomprehensible because in the course of his mission Archbishop Sommertag worked with profound dedication for the good of the Church and the Nicaraguan people always seeking to foster good relations between the Apostolic See and the authorities of Nicaragua."
The Church target of nearly 200 attacks in four years
Since the outbreak of the crisis in 2018, the Church has been the target of nearly 200 attacks and desecrations, as well as harassment and intimidations of bishops and priests. In 2019, Managua Auxiliary Bishop Silvio José Báez was forced to leave the Diocese of Managua at Pope Francis’s request after receiving several death threats.
In a tweet written in Florida, where he presently lives, Bishop Báez wrote that he was saddened by the news of the closure of the Association of the MC , saying “nothing justifies depriving the poor of charitable care”.
https://www.vaticannews.va/en/church/news/2022-07/nicaragua-government-orders-missionaries-of-charity-to-shut-down.html
The Vig is a swamp creature that was Flipped and you know it
Swamp fucking creature that was Flipped yet LIKE THEM ALL, still try to insert their BULLSHIT in as they appear to Help save the fucking fucked up world that they created!
Fuck Vigano!
Do (you) even dig?
>Steve Bannon Interviews the Heroic Archbishop Viganò
WTF is that on anons dig about something else?
here Vigano
add that toHEROIC VIG SHIT
BAIN CAPITAL - ROMNEYS COMPANY - MAKING MONEY OFF THE BAD VATICAN LONDON PROPERTY DEAL has shit to do with HEROIC FLIPPED VIGANO
Are you new?
NOTABLES ARE NOT ENDORSEMENTS
#20976
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>>16578302, >>16578355, >>16578363 Sergeant at Arms Michael Stenger on January 6th U.S. Capitol Attack
>>16578342 Google says it will delete location history for visits to abortion clinics after overturning of Roe v. Wade
>>16578367 (You), >>16578387 (You) Nicaragua. Government orders Missionaries of Charity to shut down
>>16578379, >>16578095, >>16578163, Mitt Romneys company Bain Capital capitalizes on the failed Vatican London Property deal - Vatican loses 100 Million
>>16578434 Steve Bannon Interviews the Heroic Archbishop Viganò
>>16578379, >>16578095, >>16578163, Mitt Romneys company Bain Capital capitalizes on the failed Vatican London Property deal - Vatican loses 100 Million
^^^^^^^^^^^^^^^^^^
see this shit right here?
>>16578434 Steve Bannon Interviews the Heroic Archbishop Viganò
^^^^^^^^^^^^^^^^^^
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and if you want to add anything anon said to this shit right here?!!?!?
add this shit to the HEROIC VIG shit
Jesus fucking Christ the state….
filtered < first thing baker does , st christopher no less, interesting
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nomming your own shit again!
BO/BV
Faggot not only self nomming but giving anon hell for trying to correct the dumbass.
Anon does self nom anything
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Are you NEW too?
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history OSS
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kek
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Memes immortalized!
For Freedom!
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5:5
twist of cain
Good, Have Faith and Fear Not!
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You are ready but (they) are not and we care about them as they are our misguided, drugged up, dumbed down, thought controlled Mothers, Fathers, Sisters, Brothers etc etc et al.
Understand?
Read all the drops?
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