Banker under scrutiny after alleged misuse of Vatican financial system

February 22, 2017 CNA Daily News News Briefs 0 Print

Vatican City, Feb 22, 2017 / 04:34 pm (CNA/EWTN News).- A banker who allegedly used the Vatican Bank and other aspects of Holy See finances to manipulate the market for his bank stock price continues to be under investigation, as Italian authorities froze millions of euros in his personal assets on Tuesday.

Giampietro Nattino, the head of Banca Finnat Euramerica SpA, allegedly used Vatican financial institutions as cover for “a complex stock operation which resulted in criminal behavior regarding market manipulation.” Police said he used “misleading and false” methods to “substantially alter” the price of shares in his bank, Reuters reports.

The alleged manipulation used the Institute for Religious Works, known informally as the Vatican Bank, and APSA, which oversees Vatican real estate and investments. Vatican investigators suspect that during a stock placement handled by Nattino’s bank, shares were bought through the accounts at APSA before the shares were allocated to other investors.

Nattino is also accused of providing false information to Italy’s stock regulator, Consob.    

Italian magistrates are investigating two people who were managers at APSA in 2011, suspecting they were collaborators with Nattino’s bank.

In a statement, Nattino said that his work had “always been characterized by maximum transparency and correctness.” He said the frozen assets belong to him, not his bank, and he pledged cooperation with investigators.

Efforts to reform Vatican finances have been ongoing. Vatican officials have closed many outside accounts in an effort to block corruption.

In June 2013, a longtime accountant at APSA, Monsignor Nunzio Scarano, was arrested and faced charges of conspiracy to smuggle 20 million euros from Switzerland to help friends avoid taxes.

Though he was acquitted on those charges, and denies all charges of wrongdoing, he will face a separate trial for alleged money laundering.

If you value the news and views Catholic World Report provides, please consider donating to support our efforts. Your contribution will help us continue to make CWR available to all readers worldwide for free, without a subscription. Thank you for your generosity!

Click here for more information on donating to CWR. Click here to sign up for our newsletter.

Related Articles

No Picture
News Briefs

Pope Francis speaks to young people ahead of World Youth Day in ‘Popecast’

July 25, 2023 Catholic News Agency 4
A screenshot from Pope Francis’ May 4 video message to young people attending World Youth Day 2023 in Lisbon, Portugal. / Vatican Media

Boston, Mass., Jul 25, 2023 / 12:30 pm (CNA).

Ahead of next week’s World Youth Day in Lisbon, Portugal, Pope Francis responded to the prerecorded questions and struggles of young people in Vatican News’ newly produced podcast, dubbed the “Popecast.”

The podcast, which is produced in Italian, released its second episode Tuesday with the Holy Father. The first podcast was released in March on the 10th anniversary of Pope Francis’ papal election.

In the episode, Pope Francis responded to Giona’s account of a personal struggle with transgenderism. 

“God loves us just as we are,” the Holy Father said, adding that “the Lord always accompanies us, always. Even if we are sinners, he draws near to help us,” Vatican News reported.

The pope said: “Do not give up, keep striving ahead.”

To a woman named Arianna who explained how she suffers from bipolar disorder, which has at times caused suicidal thoughts, but who feels “saved by God,” the pope encouraged her to listen to the guidance of health professionals. He added that everyone has wounds from different causes, which include sin. Our wounds require us to rely on God’s love and mercy, he said.

The Holy Father responded to Arianna’s recording reminding her to “always look ahead, not to lose sight of the horizon… and the horizon is God.”

A young man named Giuseppe shared his experience of leaving college, finding himself spending much of his time playing video games with others online, according to the outlet. 

Living his life online can become “aseptic” and isolated, the Holy Father said, adding that human contact is important.

The Holy Father also heard the regrets of Edward and Valerij, who both came from difficult family situations, which led to a life of crime resulting in juvenile detention, the outlet reported.

Pope Francis encouraged them to not allow mistakes to impede their lives, adding that the “human story goes on with its successes and its failures.”

The Holy Father told them to remember that Jesus is always with them and ready “to take you by the hand, to help lift you up.”

It is our responsibility to acknowledge our mistakes so God can help us change our lives, he said.

Then a religion teacher, Valeria, said in her recorded message that her students voice their desire for a more transparent and youthful Church that is closer to the people, according to the outlet.

The pope noted that it’s important for the Church to walk together with the people. The Church can become too closed in on itself and risk division, he added. He said that what makes the Church great is its diversity and unity.

The Holy Father also made comments aimed at Argentinian youth, from his native country, and encouraged them to better their society by rising to the occasion, the outlet reported.

He concluded the “Popecast” by urging the young people in the recordings to take part in World Youth Day. He said that they would find it fulfilling, with its community, celebration, hope, and joy.

For more information and live coverage of World Youth Day events, visit EWTN World Youth Day Central.

[…]

Be the first to comment

Leave a Reply

Your email address will not be published.

All comments posted at Catholic World Report are moderated. While vigorous debate is welcome and encouraged, please note that in the interest of maintaining a civilized and helpful level of discussion, comments containing obscene language or personal attacks—or those that are deemed by the editors to be needlessly combative or inflammatory—will not be published. Thank you.


*