Washington, D.C. Newsroom, Jul 31, 2020 / 12:30 pm (CNA).- New details have emerged about the links between the two Italian businessmen at the center of the Vatican financial scandal.
In the months before Gianluigi Torzi was asked by the Holy See to act as middle man for the final purchase of the London property at 60 Sloane Ave. from Raffaele Mincione, a company owned by Mincione secured a multi-million-euro loan from a company controlled by Torzi.
Last month, Torzi was arrested by the Vatican and charged with a range of financial crimes. The following day, Vatican-state media accused Mincione of a “conflict of interest” in his management of investments for the Secretariat of State.
The Financial Times reported on July 30 that in January, 2018, Sunset Financial, a Malta based company controlled by Torzi, provided a 26.4 million euro line of credit to Pop 12 Sarl., a Luxembourg company owned by Mincione.
Corporate filings in Luxembourg, examined by CNA, show that the credit line, from which Mincione’s company borrowed nearly 14 million euros in January 2018, was secured against an investment in the Italian Banca Carige.
The filings also show that in 2018, Pop 12 paid Torzi’s company more than 700,000 euros for the arrangement of the loan and for other “legal consulting fees” related to its Carige shares.
In February 2018, Mincione’s company borrowed an additional 12 million euros from a line of credit extended Global Prime Partners, Ltd (GPP), a European prime broker. The line of credit was secured with the same collateral as the credit line from Sunset Financial: the Carige bank shares.
According to filings by Pop 12, since the GPP credit line was secured against “all the Carige shares held by the company,” the Sunset debt was subordinated to the GPP debt – meaning that, if necessary, Torzi could be repaid only after GPP.
Over the course of 2018, the share value of Carige collapsed, and Pop 12 reported a loss of nearly 17.5 million euros on the value of 24.9 million euro holding in the bank, leaving it unable to cover the loans from GPP and Sunset.
In November 2018, Torzi was asked by the Vatican Secretariat of State to broker the final purchase of the London building from Mincione.
Corporate filings in Luxembourg examined by CNA show that weeks after the final sale of the building to the Vatican, Mincione loaned millions of euros from his Athena Capital Real Estate and Special Situations Fund 1 (through which he owned and sold the building) to Pop 12 to repay part of the loan from GPP, which, because of the company’s debt structure, made it more likely Pop 12 could eventually repay its debt to Torzi’s company.
Both men have denied that the Pop 12 – Sunset loans played in Torzi’s role in the Vatican’s purchase of the London building from Mincione.
A spokesman for Mincione told CNA that “the suggestion that any commercial relationship between Pop 12 and Sunset Financial had any influence on the Vatican’s decision to appoint Mr Torzi as agent, is entirely wrong.”
CNA asked Mincione if Torzi, or Sunset Financial Ltd., were involved in Pop 12 securing the line of credit from GPP, and if there was any discussion, professional or social, between Torzi and Mincione of the Vatican’s investment in the London property prior to November 2018.
Mincione’s spokesman characterized the dealings between Pop 12 and Sunset as “a very usual commercial arrangement” and said “it doesn’t seem necessary for us to respond to [these] points.”
Details of the pre-existing business relationship between Mincione and Torzi come nearly two months after Torzi was arrested by Vatican authorities on charges of “extortion, embezzlement, aggravated fraud and self-laundering,” in relation to his part in the deal.
Following Torzi’s arrest, Mincione said that Torzi’s involvement in the London deal came at the instruction of the Secretariat of State without any input from him.
Speaking to ADN Kornos in June, Mincione said Torzi was a “counterpart,” not a “partner,” and characterized their personal connection casually as “two Italians in London.”
While dismissing their personal acquaintance, saying they knew each other slightly since their offices were off the same square in London, Mincione also told AN Kornos that he had in his possession a photograph of Torzi with Pope Francis. A similar image was subsequently released online.
The building at 60 Sloane Avenue was bought by the secretariat in stages between 2014-2018 from Mincione, who at the time was managing hundreds of millions of euros of secretariat funds. CNA has previously reported that Mincione also invested Vatican funds in other companies and projects owned by or connected to him.
The Vatican cut ties with Mincione in 2018, acquiring the whole of the London property and withdrawing its remaining investment with Athena, asking Torzi to broker the final transfer of ownership, which he did using his own Luxembourg holding company, Gutt SA, as a pass-through, earning Torzi some 10 million euros in the process.
Before Torzi’s arrest, CNA reported that Fabrizio Tirabassi, a lay secretariat official who oversaw investments, was appointed a director of Torzi’s company while the businessman was finalizing the Vatican’s purchase of the London property from Mincione.
On June 6 this year, Vatican News described Mincione’s management of Vatican investments as “speculative” and a “conflict of interest.” Later that month, Mincione, through two of his companies, filed lawsuits against the Secretariat of State and the holding company which controls the London building, and which he sold to the secretariat.
Earlier this month, Vatican prosecutors, working with Italian authorities, executed a search and seizure warrant against Mincione. Italian media reported that Mincione, accompanied by his lawyers, presented himself to police by prior arrangement, who seized electronic devices, including cellular phones and iPads.
Vatican action against Mincione was the latest development in a 18-month-long ongoing investigation into financial dealings by the Secretariat of State.
A series of raids by Vatican authorities, beginning in October last year, have resulted in the suspension of several serving and former employees at the secretariat, including Tirabassi, as well as Msgr. Alberto Perlasca, whose home and office were raided earlier this year.
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Lord Jesus Christ preserve us for Your clemency.
My loyalty is with Vigano.
“For it has been reported to me by Chloe’s people that there are quarrels among you, my brothers and sisters. What I mean is that each of you says, “I belong to Paul,” or “I belong to Apollos,” or “I belong to Cephas,” or “I belong to Christ.” Has Christ been divided? Was Paul crucified for you? Or were you baptized in the name of Paul?”
1 Corinthians 1:11-13
Paul wasn’t crucified, he was beheaded since he was a Roman Citizen.
Correct! And it is said that St. Paul ‘s head bounced three times on the ground before stopping. Nonetheless, there is never an excuse for schism.
Dear GF – that was a totally different situation.
Really?
Then maybe you and he should start your own church, like Luther.
As long as Francis is allowed by true Catholics, clergy and laity, to exercise the OFFICE of Pope, something he has clearly rejected by his words and actions, he will continue to make use of that Office to the detriment of the Church. As he has surrounded himself with modernists like himself, there is little hope that the present Vatican will do the right thing and remove him. That means that the Church Herself, outside of Her present “government” must do what is necessary. All through history, it has been the priests, good bishops and faithful laity that has served to keep The Church holy and in keeping with Christ’s commands.
You are SO right, dear Valerie.
As Jesus taught us, the littlest ones are greatest in His eyes.
“For those who defend authority against rebellion must not themselves rebel.” Tolkien, The Silmarillion
Totally depends on how we define ‘rebellion’.
The fuse has been lit. At the very least, ecclesiastical history will now forever record that Jorge Mario Bergoglio has been publicly charged in detail with heresy and apostasy by one of the most eminent prelates in the Vatican Curia.
Yeah, I think if anyone is to be on trial for schism, it isn’t AB Vigano.
FSSPX News website had said, unlike Archbishop Viganò, Archbishop Lefebvre never denied the legitimacy of the Church. Although the following position published by Lefebvre 1974 is similar to what Archbishop Viganò has said:
“We adhere
with all our heart and all our soul to Catholic Rome, guardian of the Catholic Faith and the traditions necessary to maintain it, and to Eternal Rome, mistress of wisdom and truth. On the other hand we refuse and have always refused to follow the Rome of the neo-Modernist and the new Protestant trend which was clearly evident in the Second Vatican Council and, after the Council in all the reforms which flowed from it” (Declaration Archbishop Lefebvre 1974).
Compare that with:
“I have no reason to consider myself separate from communion with the holy Church and with the papacy, which I have always served with filial devotion and fidelity. I maintain that the errors and heresies to which [Francis] adhered before, during, and after his election, along with the intention he held in his apparent acceptance of the papacy, render his elevation to the throne null and void” (Statement Archbishop Viganò 2024).
Difference may be seen in Viganò’s direct refutation of Pope Francis from Lefebvre’s indirect reference to Pope Paul VI as part of the Modernist Church. What they have in common is the allegation of a faithful Church to which they claim allegiance and a false Church which they repudiate. This identifies a problematic dynamic within the Church, the distancing of one, Left or Right from the other among its members, the Right frequently questioning the legitimacy of the pope. It would be beneficial for those who disagree with specious policies, non binding doctrines like Fiducia Supplicans to resist the errors but refrain from accusations of the illegitimacy of this pontificate.
Otherwise from a justice standpoint, it could be added in defense of Archbishop Viganò, that as an insider, is his access to first hand information that we don’t possess. For example in the recent defense of Pope Francis, “Report on the Holy See’s Institutional Knowledge and Decision Making Related to Former Cardinal Theodore Edgar McCarrick”, that report argued the Pontiff’s lack of knowledge of the McCarrick dossier, that report also confirmed several personal meetings [prior to the Archbishop’s allegation that Francis lied when he claimed no knowledge of the dossier] between Francis and Viganò of which Pope Francis says he remembers the meetings but nothing about the content.
Furthermore, there was the silence, a refusal to respond to the allegation that he lied in having no knowledge – but responded only when an accusation was made public of a prosecution case on Viganò’s family financial matters – the Pope remarking, “See! See!, That’s why I kept silent”. Anyone with intelligence can see through that response.
From Viganò’s conscientious perspective considering what he may have gleaned from personal contact he may possess what he honestly believes substantiates his accusations. We, lacking that presumed knowledge cannot place ourselves in his position nor can we say he lacks justification. Although it’s prudent to add that he may have had a greater influence in benefit of the Church on the allegations of errors and mismanagement if he followed the examples of Cardinals Raymond Burke and Joseph Zen.
Excellent points, Fr. Morello.
I think I remember reading an argument that Pope Francis is both the head of the true Church and a valid Pope, and also the leader of the false church. I can see that theory fitting what Archbishop Vigano has said, but he does not clearly state it.
As beloved Jesus Christ instructs us: “No one can serve two masters!”
Excellent comment.
Archbishop Vigano’s move ties the Church into proving one or more of the following, right at this time, or, as from this time:
1. heresy
2, apostasy
3. schismatic leadership
4. non-election
5. non-election by non-intent
6. non-election by non-eligibility.
Maybe there is more he has in mind and we can not surmise about it for the present.
It helps understanding to read universi Dominici gregis which are regulations regarding a Conclave and the biography of Godfried Danneels in which he openly states how he and his group violated them
Thus, we suffer illegitimate pronouncements & actions from an illegitimate pope.
Very helpful thank you. I’m bound to accept the election of Bergoglio since I personally do not know of any voiding defect.
In such a case if it should arise, that something arouses suspicion for me about that, still I must reserve judgment on it, or, finality of decision, or disservice of faith or prudence or impartiality or sound reasoning on my part, until it should be substantiated.
Bergoglio’s majority was well in excess of the required two-thirds margin. It suggests that if there were collusion but the number of individual electors involved does not reduce the voted majority below that margin, the election was not compromised. It would, however, then be up to the new Pope to deal correctly with the “now proven” problem, so uncovered. And also be for us to assess if the new Pope is being true resolving the issue in faith, rationality and prudence.
Right now it could possibly be a mere case that Archbishop has over-shot the issues. I would take no glee from it.
God bless.
‘ Benedict issued De aliquibus mutationibus in normis de electione Romani Pontificis on 11 June 2007 after two years as pope. In this five-paragraph document, Benedict denied the cardinal electors the options John Paul had allowed them and retained only John Paul’s determination that a change was required after many ballots had failed to produce a result. He restored the two-thirds majority rule. ….. Benedict resigned the papacy on 11 February 2013, effective 28 February. On 22 February he issued his second set of instructions on the papal election process, Normas nonnullas. Following his resignation, cardinals had questioned the rule that they delay starting the conclave until 15 days after the papacy fell vacant. Benedict allowed them to begin earlier “if all the Cardinal electors are present” while keeping their ability to delay the start until 20 days pass “for serious reasons”.He modified the oath of secrecy to be taken by all support personnel, making excommunication the automatic punishment (latae sententiae) for violations of the oath, which had previously been punished at the discretion of the new pope. ‘
https://en.wikipedia.org/wiki/Papal_election_reforms_of_Pope_Benedict_XVI
During the 4th century, St. Athanasius found himself in a similar position as Archbishop Vigano. Athanasius was almost the lone voice against the Arian heresy held by the overwhelming majority of bishops. Pope Liberius excommunicated Athanasius who refused to accept the validity of the excommunication, as Vigano likely will do if he is excommunicated.
It was Athanasius against the world, and in the end, the almost lone voice of the excommunicated Athanasius was right.
Is the Church in that same position today?
Excellent reminder of another courageous bishop who spoke truth to power in defense of the Church; history has vindicated St A
No. Vigano is in open opposition to discipline and refuses to even submit himself before his superiors as is his duty. If he is to be excommunicated, he may only be vindicated by the Church, whom he has chosen in this event to cut his last ties with.
Dear ‘EENS’ that’s not the key issue.
In the opinion of many Catholic experts, Archbishop Carlo Maria Viganò is far more obedient to our KING, Jersus Christ than the revisionist PF administration.
Also, the PF administration has amply demonstrated that it has no interest in proper jurisprudence but is openly biased against everyone who offers logical and factual criticisms. They use a loaded dice.
In PF’s Rome, Archbishop Carlo Maria Viganò would not get a fair go.
In fact, his life could be endangered if he ventured into the dragon’s den.
Maybe Archbishop Vigano needs hip surgery. Certainly Rome has soom excellent medical doctors.
Dear Patrick – you must be thinking of how convenient it was for the PF lot when Pope Benedict and then Cardinal Pell (were) exited.
Agreed. St. Athanasius never hid. And Pope Liberius was never free, having an imperial sword on his neck. It cannot be said for sure that he freely acted to do anything.
Archbishop Vigano is paranoid, secluded and deluded. Cardinals Burke, Zen, Müller, et al., have not been disobedient or fomented schism. They are acting like St. Athanasius.
Dear GF, surely that is a very eccentric view of the actual circumstances?
Submission to superiors is never absolute. Any duty to submit is forfeited when superiors are spiritually and morally bankrupt. The faithful owe no duty to submit to a renegade pope.
Great point! When it comes to pope Francis, I’ve been suspicious about him for several years because he’s always given ambiguous answers to many subjects which, in the end, he ended up supporting!
It will be interesting how this works out. Will the Archbishop be excommunicated? Stripped of Episcopal and Priestly powers? Or basically just ignored? We shall see.
Here’s Archbishop Vigano on the verge of being excommunicated.
While Rupnik is free to indiscriminately desecrate the most sacred places and forcibly defile the most vulnerable of holy women.
It’s very clear. Bergoglio is the one who deserves to be booted.
Amen.
Two camps debating how many angels can dance on the head of a pin.
“I maintain that the errors and heresies to which [Francis] adhered before, during, and after his election, along with the intention he held in his apparent acceptance of the papacy, render his elevation to the throne null and void,” Viganò wrote. Bravo. There is hope for the Chruch with men like Vigano.
God bless Archbishop Viganò. He has been in hiding for good reason. If he showed up in Rome, he would probably be poisoned.
These Bishops need to remember they must obey the Pope because he is head of the Roman Catholic Church,
If a Latin Mass means so much to a Bishop, especially in the United States where Religious Practices are free, Let them start their own American Catholic Church, where all Mass are in Latin and they could even make Donald Trump a Bishop like evangelicals (60% of American Catholics support him more than fellow Catholic Joe Biden)
As for me, I’m a Roman Catholic and I stand by Pope Frances.
Pardon my laughter.
A devout and faithful Catholic can smell the rot of CINO-Biden’s hypocritical shell of Catholicism which would kill any baby the mother didn’t want though she enjoyed the conceiving of same.
No, the Latin Mass does not mean much to the American Catholic Bishops, witnessing the decreased numbers they’ve permitted under the rule of Francis.
Lastly, Trump is a married and divorced man. He has never attended seminary, has never received the sacrament of Ordination to Holy Orders, and he is not even a Catholic, so your imagination needs a bit of reigning in.
Francis is not a woman, so perhaps you may reconsider how you spell his name. Just remember this little mnemonic: Francis, egotist, narcissist–his “I” is greater than any other letter.
Brilliant!
As with any debate or disagreement, if certain of your position, recoiling or hiding should not be an option to strengthen your argument. If Viganò is right, he should have the courage to face the Curia, win or lose. This the vow he took.
Dear Henry,
If you’d had the horror experience I’ve had of going into a judicial process, with trust that the truth would prevail and then discovering that all those involved had coluded to use any means whatever to destroy me, you would not be urging Archbishop Carlo Maria Viganò to submit to PF’s ‘Star Chamber’, pseudo-legal process.
It would be the height of naivette to think justice is of any interest to PF & Co.
Sorry to say this; but still trusting in the grace & mercy of King Jesus Christ; love & blessings from marty
Even Jesus walked through the crowd of his townspeople ready to throw him over the cliff. There is a time for every reason. Jesus’ time had not yet come, and Vigano’s may never come.
Staying away from the hands of Francis’ hench-hit-men is a justifiably reasonable and smart move.
May St. Michael the Archangel, through the power of God, protect and defend the good Archbishop if it be God’s will.
I’m not Catholic but this pope is the least Christian pope I’ve ever seen.
If Catholics really & truly knew what was going on behind closed doors of the Vatican, they would be dumbfounded. I understand Archbishop Viganò I find it sad that there are not more couragous bishops like him. I fully stand with Archbishop Viganò.There is much I could say, but I will leave it at that. God bless Carlo Maria Viganò.🙏🏼
Sedevacantism is courageous? Hardly.
If he doesn’t accept the authority of Vatican 2 and also Pope Francis as Pope, why has he been in the Church all these years? And if he doesn’t accept Vatican 2, then what about the Pope’s who came after Vatican 2? Paul 6th, Pope John Paul1st, Pope John Paul 2nd, Pope Benedict and now Pope Francis? Who does Vigano think he is to decide who is a legitimate Pope? And to decide on the authority of Vatican 2? Vigano is guilty of schism!!
Sorry, dear Joseph, that is not the actual situation at all.
“I maintain that the errors and heresies to which [Francis] adhered before, during, and after his election, along with the intention he held in his apparent acceptance of the papacy, render his elevation to the throne null and void,” Viganò wrote.
“He also said he has “no reason to consider myself separate from communion with the holy Church and with the papacy, which I have always served with filial devotion and fidelity.”
We can know through both Faith and Reason, that by denouncing a schismatic who could not possibly be a Vicar of Christ, because prior to his election to The Papacy, he denied Sacred Tradition, Sacred Scripture, and The Teaching of The Magisterium, The Deposit Of Faith that Christ Himself Has Entrusted To His Church, Archbishop Vigano maintains communion with The Body Of Christ, which exists “Through Him, With Him, And In Him, In The Unity Of The Holy Ghost(Filioque).
To denounce the election of Jorge Bergoglio to The Papacy, is to affirm The Unity Of The Holy Ghost, and thus the fact that “it is not possible to have Sacramental Communion without Ecclesial Communion”, due to The Unity Of The Holy Ghost (Filioque). To affirm The Unity Of The Holy Ghost, is to affirm the Papacy, and thus affirm every validly elected Vicar of Christ, and Magisterial Teaching grounded in Sacred Tradition and Sacred Scripture.
Jorge Bergoglio, unlike every validly elected Pope, rejects The Office Of The MUNUS, grounded in Sacred Tradition, Sacred Scripture, And The Teaching Of The Magisterium, The Deposit Of Faith That Christ Has Entrusted To His One, Holy, Catholic, And Apostolic Church, Is “Forever”, thus Pope Benedict could not have resigned The Office Of The MUNUS because for a validly elected Pope it remains “Forever”. Even if Pope Benedict was in error when he abdicated The Ministerial Office, who can deny, that by stepping aside, Pope Benedict XVI illuminated the fact that Jorge Bergoglio was not in communion with Christ and The Magisterium Of His Church and could not have possibly hold The MUNUS because he rejected The Deposit Of Faith, and thus Ecclesial Communion, and thus Sacramental Communion. For this is our Sacred Heritage: The Sacred Heritage of all human persons, from the moment of conception, Salvation Is Of The Jews, From The Father, Through The Son, In The Unity Of The Holy Ghost (Filioque).
https://biblehub.com/drbc/john/4.htm
The pope should resign in order to preserve the RC church from to much liberal ideas .
To keep the traditions as they should be and start a new conclave in order to elect
a more traditional pope .
I humbly ask Pope Francis to consider all that he has done and said and resign for the goodness of the whole RC Church .
Praise be God .
I’m saddened that vigano does not support pope Francis ,at this point in time everybody should be on pope Francis side, with the world gone mad he needs all the support he can get 😇
Francis needs all the support he can get. Right. Would that be help covering for sexual predators, help meeting with homosexualist priests, help undermining the traditional Latin mass,and help dismissing conservative prelates? If that’s the case, the less help and support Francis gets, the better.
Archbishop Vigano would have done better to stick with his early and discrediting revelation that the McCarrick phenomenon was not new news in the Vatican…
A BRIDGE TOO FAR, now, to explicitly pronounce that the pope is not a pope, and to seem to reject Vatican II (but what he seems to say latest is only that the apostasy started there, not that the “real” (Benedict’s distinction) Council, by its very nature and Documents, was the definitive cause).
Archbishop Vigano should have posed his accusations as questions, about the Church cohabiting with the One World Order. The rhyming GNOSTICISM of inventing a script and then prohibiting all contrarian views as inadmissible or even “backwardist”.
Then, instead of surrendering the possible high ground to legal proceedings against a schism, the full spectrum within the Church could be asking, where is the real DIALOGUE? Still a remote possibility…and a remotely possible substitute for what is seen by many as a self-gratifying and self-ratifying “Synod-on-Synodality”. Say what??? A “couple” of synods…
In graduate school even at a secular university, TRUTH can still happen. Why am I reminded, here, of a penetrating professor who denounced research papers that engaged in wool-gathering without demonstrable conclusions worthy of readers outside the echo chamber? Papers larded up with self-referential purple prose and very selectively read references—”a tale Told by an idiot, full of sound and fury signifying nothing” (Macbeth, Act 5, Scene 5).
WHEN is a synod a crypto-synod?…Accountable only to itself rather than, say, to the relevant particulars of the Council Documents (e.g., Lumen Gentium, Ch. 3 with the Prefatory Note), or to the irreducible Apostolic Succession, or to the Magisterium and the explicitly incorporated Natural Law with its moral absolutes (the Catechism, Veritatis Splendor), or to the real Holy Spirit in union with the Son—“Jesus Christ, yesterday, today and forever” (Heb 13:8)? Or, instead, in step with the 5,000-word Fiducia Supplicans and even cohabiting with the irregular “couples,” as such?
QUESTION: For the fatally overreaching Archbishop Vigano and the fatally self-ratifying synod-on-synodality, both (!), to what extent might the professor’s meme equally apply: “intellectual masturbation”?
Vigano for Pope! Strickland for Cardinal!