VATICAN CITY — On Friday, a British court largely sided with the Vatican regarding a London-based financier’s dealings related to the Holy See’s substantial investment in a London property valued at €350 million (approximately USD 375 million). The financier, Raffaele Mincione, expressed satisfaction with the outcome, noting that the ruling effectively determined he did not engage in any dishonest or illegal actions.
Mincione sought this ruling from the British High Court in an effort to exonerate himself following his conviction by a Vatican tribunal in December 2023, where he faced charges related to the contentious property transaction. Among other requests, he urged the court to confirm that he had acted “in good faith.”
The Vatican accused Mincione and several associates of defrauding the Holy See out of millions in euros through inflated fees and commissions linked to the property deal. Another broker, Gianluigi Torzi, faced allegations of extorting an additional €15 million from the Vatican for relinquishing control of the building. Both Mincione and Torzi were found guilty in the Vatican court, alongside seven other individuals, including a cardinal, and they are currently appealing their convictions.
The British court accepted 29 out of Mincione’s 31 statements regarding the transactions, while also dismissing some allegations made against him by the Vatican. Judge Robin Knowles emphasized that, given the seriousness of the Vatican’s claims regarding dishonesty and conspiracy, Mincione deserved to have a court refute those accusations.
However, Knowles noted that “on the evidence I heard at trial, the State (Vatican) had reason to consider itself utterly let down in its experience” with Mincione. The court concluded that Mincione and his associated companies failed to take adequate precautions to protect the Vatican from potentially fraudulent activities, prioritizing their interests over that of the Holy See.
In a statement following the ruling, Mincione remarked, “I hope the judgment can lay to rest once and for all claims that I am dishonest, or a fraudster, or a criminal,” expressing relief over the court’s decision. He stated that this ruling countered years of accusations regarding financial misconduct relating to the 60 Sloane Avenue transaction in 2018.
Mincione’s legal representative, Benjamin Robinson, highlighted that the majority of claims about “the legitimacy of the negotiations leading up to and the sale” of the property were upheld by the court. This case marked a noteworthy instance, as it was the first time the Vatican faced legal scrutiny in a foreign court, stemming from its decision to prosecute a total of ten individuals, including Mincione, for various financial crimes linked to a financially troubled investment.
Alessandro Diddi, the Vatican prosecutor who spearheaded the case against Mincione in the Vatican tribunal, expressed approval of the British court’s ruling. He stated, “Even the British judges have affirmed what has always been argued by the office, namely that Raffaele Mincione acted towards the Secretariat of State ‘below the standards’ by which good faith conduct is measured.” Diddi believes this decision reinforces the validity of the Vatican Tribunal’s conclusions.