Lone director of Vatican’s London property has business ties to deal’s broker

By Ed Condon for CNA

November 2, 2020 CNA Daily News News Briefs 0 Print

Washington, D.C. Newsroom, Nov 2, 2020 / 08:00 pm (CNA).-

The Vatican Secretariat of State’s holding company, through which it controls a London property at 60 Sloane Avenue, has only one registered director, an Italian-British architect.

As the London property remains in the headlines, it is not clear how he was appointed to that role, but the architect has business connections to Gianluigi Torzi, who acted as a broker in the Holy See’s purchase of the property.

The purchase of the London building is at the center of unfolding financial scandals surrounding the Vatican’s Secretariat of State. It was purchased over a period of years from the Vatican’s investment manager Raffaele Mincione for a reported 350 million pounds; Torzi brokered the final stage of the sale.

The building is now controlled by the secretariat through a U.K. registered company, London 60 SA Ltd.

Since November 2019, the company has had only one listed director: Luciano Capaldo, an architect and property developer with connections to businesses linked to Torzi.

Four directors have been appointed to the London 60 Sa Ltd since it was registered in early 2019; three were removed between August and November 2019. Two of those removed are former staff members at the Vatican secretariat, who were removed from their posts after raids at the secretariat in October, 2019.

In June, Vatican prosecutors arrested Torzi, who has been charged with extortion, self-laundering, aggravated fraud, and embezzlement.

Although Torzi was meant to be acting on behalf of the Vatican’s interests in its dealing with Mincione, CNA has reported on the potential conflicts of interest in the deal:

That Mincione owed millions of euros to one of Torzi’s companies at the time of the transaction. And that Mincione had invested 10 million euros of Vatican funds in Sierra One, a bond of securitized debt, including some debt from mafia-linked companies, which was packaged and sold by Sunset Enterprise Ltd., a company controlled at that time by Torzi.

Sierra One’s administrator was Giacomo Capizzi, a business associate of Torzi. Capizzi is the CEO of Meti Capital, a company of which Capaldo owns personally almost 3%, and in which Torzi’s company, Sunset Enterprises, is also a shareholder.

Capizzi is also CEO of Imvest, a property development company listed in Rome. Imvest’s largest shareholder is Meti Capital.

Luciano Capaldo was chairman of Imvest from 2017 to 2018. He stepped down for “personal and family reasons,” on Nov. 26, 2018, during the same week the Vatican finalized its purchase of the London property.

Another stakeholder in Imvest is FEG International Assets SA, an anonymously incorporated company in Luxembourg that, in 2016, was run by Torzi.

In 2019, FEG and Torzi were named in a commercial fraud suit in London’s High Court. Also named as respondent was Torzi’s former company Odikon Services PLC, a company of which Capaldo was secretary from May to November 2018, and an investor in Meti as of December 2017.

Capaldo stepped down as the secretary of Odikon in November 2018, the same month he ceased being chairman of Imvest and the Vatican’s London property deal was finalized by Torzi.

Capaldo’s attorneys have said that the businessman has no knowledge of the lawsuit against Odikon.

Torzi, and his companies Odikon Services and Sunset Enterprise, are currently being investigated by Italian authorities for an alleged multi-million euro fraud involving securitization of debt owed to Fatebenefratelli, a Catholic hospital in Rome. The alleged fraud dates back to 2018, when Capaldo was secretary of Odikon.

The Fatebenefratelli debt was at one point part of the Sierra One bond, in which Mincione invested Vatican money in June 2018.

Capaldo has also served as a director of two other companies at which Gianluigi Torzi was a director, or in which Torzi and his companies had a financial interest: Sunset Credit Yield Ltd. and Virtualbricks Ltd.

The Vatican has not explained how the businessman was chosen by the Secretariat of State to serve as a director of London 60 SA, or why he is now the sole remaining director of the company. Nor has Capaldo responded to questions CNA sent to his attorney regarding his relationship with Torzi.

 

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Pope Francis outlines key priorities for February sex abuse summit

January 28, 2019 CNA Daily News 2

Aboard the papal plane, Jan 28, 2019 / 07:48 am (CNA).- Pope Francis said Monday that he sensed “inflated expectation” surrounding the Vatican’s February sex abuse summit, and outlined his specific aims for the meeting.

Speaking on the papal flight returning from Panama, the pope said he wanted the world’s bishops to receive a “catechesis” on the suffering of abuse survivors, and understand better the urgent reality of combating sexual abuse. This understanding, he said, would lead into a penitential liturgy during the February meeting.

“There will be testimonies to help to become aware and then a penitential liturgy to ask forgiveness for the whole Church,” Pope Francis told journalists Jan 28.
The pope emphasized the importance of bishops meeting with victims of sex abuse to hear their testimonies directly to understand the lasting effects of sexual abuse.

Pope Francis said that he regularly meets with abuse victims. “I remember one … 40 years without being able to pray. It is terrible, the suffering is terrible,” he said.

Francis also said he sensed many were expecting too much from the three-day meeting being held Feb. 21-24, and that he had a particular vision for what would be achieved: understanding the experience of victims, prayer, and the establishment of “protocols” for handling abuse cases world-wide.

“I permit myself to say that I’ve perceived a bit of an inflated expectation. We need to deflate the expectations to these points that I’m saying,” he said. “Because the problem of abuses will continue. It’s a human problem.”

“We, resolving the problem in the Church, [and] raising awareness, will help to resolve it in society … but first, we must become aware, have the protocols, and move forward,” he said.

Pope Francis said the Vatican invited all of the presidents of the world’s bishops’ conferences and the heads of the Eastern Catholic Churches to attend the February summit because his council of cardinal advisors “felt the responsibility to give a ‘catechesis’… on this problem to the episcopal conferences.”

Victims of clergy sexual abuse and leaders of men’s and women’s religious orders will also be present at the bishops’ summit, which the Vatican has previously clarified will be “an assembly of pastors, not an academic conference.”

On the papal flight, Pope Francis expressed his desire that the heads all of the episcopal conferences leave Rome next month with a common understanding of the “protocols” needed to address sexual abuse in their respective countries.

The pope said that each episcopal conference would make “general programs”  detailing the responsibilities of each local Church authority for handling sex abuse cases, but that these must address a common set of responsibilities.

“That they are protocols that are clear. This is the main thing,” he said.

In his interview on the papal flight, Pope Francis also touched on the formation and sex education of young people with regards to Church teaching.

“We need to give an objective sexual education, that is without ideological colonization,” he said. “If you start by giving sexual education full of ideological colonization, you destroy the person.”

The pope warned that it is important which teachers or textbooks are chosen for this task in schools. “There are things that mature and things that do harm,” he said.

“Sex as a gift from God must be taught,” Pope Francis said. “The ideal is to start from home, with the parents.”

 

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