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: Catholic education is vital in ‘an age awash in information’

April 21, 2022 Catholic News Agency 1
Pope Francis in St. Peter’s Square on April 18, 2022. / Daniel Ibanez/CNA

Vatican City, Apr 21, 2022 / 03:05 am (CNA).

Pope Francis has said that Catholic education and formation are more important than ever in “an age awash in information often transmitted without wisdom or critical sense.”

“As educators, you are called to nurture the desire for truth, goodness and beauty that lies in the heart of each individual, so that all may learn how to love life and be open to the fullness of life,” Pope Francis wrote in a message delivered to a delegation from English-speaking Catholic universities on April 20.

“Catholic education is also evangelization: bearing witness to the joy of the Gospel and its power to renew our communities and provide hope and strength in facing wisely the challenges of the present time,” he said.

Pope Francis met with a delegation from the Global Researchers Advancing Catholic Education (G.R.A.C.E.) at the Vatican’s apostolic palace on Wednesday morning.

The GRACE project is a collaboration between five Catholic universities in Europe, the United States, and Australia.

In written remarks prepared for the meeting and given to the delegation, the pope encouraged the Catholic university representatives to discern “innovative ways of uniting research with best practices so that teachers can serve the whole person in a process of integral human development.”

“In short, this means forming the head, hands and heart together: preserving and enhancing the link between learning, doing and feeling in the noblest sense. In this way, you will be able to offer not only an excellent academic curriculum, but also a coherent vision of life inspired by the teachings of Christ,” Pope Francis said.

“In this sense, the Church’s work of education aims not only ‘at developing the maturity of the human person … but is especially directed towards ensuring that those who have been baptized become daily more appreciative of the gift of faith which they have received’” (Second Vatican Council’s Declaration Gravissimum Educationis, 2).

Through the GRACE project, a long-term partnership has been formed between Boston College in the U.S., the University of Notre Dame in Australia, Mary Immaculate College Limerick in Ireland, Saint Mary’s University Twickenham in the U.K. and the International Office of Catholic Education in Rome.

The group organizes webinars and meetings, and supports doctoral students in research projects focused on Catholic education.

The pope opted to speak off the cuff to the group in Italian, apologizing for not speaking in English and noting that he “understood almost everything” that the delegation had said.

“I lived in Ireland, in Dublin, in Milltown Park, to study English. I studied English, but I forgot, excuse me!” he joked.

In his off the cuff remarks, the pope spoke about the relationship between tradition and progress.

He said: “Without roots, no progress can be made. Only with the roots do we become people: not museum statues, like some cold, starched, rigid traditionalists, with the thought that providing for life means living attached to the roots.”

“There is a need for this relationship with the roots, but also to move forward. And this is the true tradition: taking from the past to move forward. Tradition is not static: it is dynamic, aimed at moving forward.”

The pope met with the delegation ahead of his Wednesday general audience, where he spoke about the importance of honoring the elderly.

“May the joy of these days of Easter fill your hearts, and may your meeting here in the Eternal City strengthen you in fidelity to the Lord and his Church, and enrich your efforts to highlight the distinctiveness of our Catholic vision of education,” the pope’s written message to Catholic educators said.

“I trust that this study visit will inspire each of you to rededicate himself or herself with generous zeal to your vocation as educators, to your efforts to solidify the foundations of a more humane and solidary society, and thus the advancement Christ’s kingdom of truth, holiness, justice and peace,” he said.

[…]

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