ROME (AP) – Pope Francis has formally removed the Vatican’s secretary of state from its financial assets and real estate after its unfair management of hundreds of millions of euros in donations and investments that are now the subject of ‘a corruption investigation.
Francis signed a new law over the weekend ordering the secretary of state to complete the transfer of all its funds to another Vatican office before February 4th. The law also calls for all donations to the pope, including Peter’s Pence collections from the faithful. like other donations that had been managed by the secretary of state, which would be managed and managed by the Vatican treasury office as separate funds that are accounted for in the Holy See’s consolidated budget.
The changes respond to an expanding criminal investigation by the Vatican into allegations over years of mismanagement of donations and investments by the Vatican secretary of state, which has resulted in losses of tens of millions of euros at a time of financial crisis of the Holy See.
Francis had already ordered the transfers in August and followed up in November by appointing a commission to implement the changes. The new law makes the changes permanent and sets a firm date for their implementation.
Francis said he was making changes to improve administration, control and oversight over the Holy See’s assets and ensure “more transparent and efficient management.”
Francis went against his own secretary of state amid an 18-month investigation by Vatican prosecutors into the 350 million-euro investment in the office in a luxury residential building in Chelsea’s Chelsea neighborhood. London and other hedge funds.
Prosecutors have accused several department officials of abusing their authority for their participation in the deal, as well as several Italian intermediaries who had allegedly fled the Vatican for tens of millions of euros in fees.
The scandal has exposed the incompetence of the Vatican bishops in managing the money, as they signed the voting shares of the agreement and agreed to pay exorbitant commissions to the Italians who were known in business circles for their negotiations. .
Francis ’decision has been a shameful blow to the secretary of state as the most powerful office in the Holy See, reducing it to basically any other department that has to propose a budget and have it approved and overseen by others.
The result is essentially what Cardinal George Pell, Francis’ prime minister, sought years ago to clash with the secretary of state over his financial reforms and efforts to gain control of off-market funds. of the department.
Pell had to abandon these reform efforts in 2017 to face a sexual abuse trial in his native Australia, but was acquitted and recently told The Associated Press that he felt he was being vindicated. crime he tried to discover.
The Holy See is facing a major cash crisis as its main source of revenue, ticket sales from the Vatican Museums, has evaporated this year due to coronavirus closures. Last year the Holy See reduced the budget deficit from 75 million euros to 11 million euros.