Read the history of the 2,000 years wealth amassed by the Vatican.
THE TREASURE OF THE POPE
Assets for at least $ 10 billion between real estate, stocks, gold and currencies. APSA to the IOR, here are all the affairs of the holding of the Pope. To which another war is being waged for power.
of Emiliano Fittipaldi, Da L'Espresso –
Do not store up for yourselves treasures on earth, where moth and rust consume and where thieves break in and steal; accumulated instead for yourselves treasures in heaven, where neither moth nor rust consumes and where thieves do not break in and steal.
For where your treasure is, there your heart will be also "warns Jesus in the Gospel of Matthew. For two thousand years, say the anti-clerical, the Holy Roman Church has always interpreted the parable in its own way: never mind highly. If money is the dung of the devil, in the Vatican seems to be worth the other hand the "pecuniary non olet" bullion and gold coins, banknotes of any currency, real estate exterminated were piled up over the centuries by priests, bishops and cardinals, and wealth has taken on biblical proportions.
If it is almost impossible to quantify accurately, the "Espresso" read a significant amount of top secret documents and can now for the first time shed light on an important part of the treasure of God and the internal war that is being fought to put the hands. Sifting through a secret affair of Cosea, the dissolved Commission representative on the organization of the economic structure of the Vatican, it turns out, for example, that "the various Vatican institutions manage their assets and those of third parties in a declared value of 9-10 billion , of which EUR 8 billion to 9 billion in securities, and one of the real estate. " Reading the budget never published APSA (the entity that manages the assets of the Apostolic) and some confidential notes signed by the new president of the IOR Jean Baptist de Franssu, we understand that an important part of the treasure is hidden right APSA, which Unlike the IOR has never announced his accounts. After one of his accounts, Monsignor Nunzio Scarano, was arrested for money laundering, corruption and fraud, the Holy Father has decided to put his nose there too. Finally, the "Espresso" has also found the costs and revenues of dozens of bodies published in 2013 (see graph on page 31.): The Secretary of State for Foreign nunciatures, via Vatican Radio and the governorate. Reading these budgets is clear that the costs of the curia (houses, secretaries, travel, security, representation) are still out of control.
BETWEEN HOMES AND CHURCH
The treasure hunt starts at the Place Vendôme, in the center of Paris. A few meters from the Hotel Ritz, in rue de Rome, a French subsidiary of APSA has some of the most prestigious properties in the area. The Sopridex Sa has had famous tenants (such as François Mitterrand) and today has assets recorded in the financial statements that arrive at 46.8 million euro. The staff includes a "director, three employees, cleaners," and the beauty of '16 goalies. " But the APSA monitors even ten Swiss companies (including the mysterious Different You know, Immobiliere Sur Collonge and Immobiliere Florimont) which, together with Profima Sa, manage property and land in the Swiss confederation and a half in Europe. All together are worth 18 million. "It should be noted that historically the budget underestimation of APSA, for tax matters, the values of the buildings owned by him," says a source qualified institution which has its headquarters in the Apostolic Palace. "Besides those Swiss companies are not consolidated: in the belly might have a lot more than stated."
If it is known that the company Profima was opened in Lausanne in 1926 and was used by Pope Pius XI to hide abroad part of the "compensation" that the Church gained thanks to the Lateran Treaty signed with the fascist regime, the holding company is different practically unknown. Established in Lugano in August 1942, while they were fighting for Stalingrad, El Alamein, it is now chaired by Gilles Crettol. A Swiss lawyer who runs the Pope's interests beyond the Alps: his name check in almost all other Swiss companies. Until some time ago it was instead the referent Italian Paolo Mennini, former head of the section "extraordinary" APSA (including the investments and securities, the "ordinary" takes care of the property). Following the scandal Scarano and due diligence on accounts made by McKinsey, the men of Pope Francis decided to get it off: a few weeks ago in his place, the boards of companies in Switzerland, so it appeared Franco Dalla Sega, chairman of Mittel bazoliana and managers to trust the new boss of the finances of the Vatican, Cardinal George Pell.
THE GOLD OF GOD
But the Vatican owns real estate companies in England (the British Grolux Investments Ltd, founded in 1933, currently manages assets in London to the tune of EUR 38.8 million including luxury stores in New Bond Street) and, of course, in Italy : In addition to the endless treasure chest of Propaganda Fide (renamed the Congregation for the Evangelization of Peoples, has a fortune estimated, net of the housing crisis, approximately 7 billion), the APSA also controls the company and Sirea Leonine, which apply to the financial statements more than 16 million. Between rents to private and commercial leases all the acronyms that are part APSA have made in 2011 about 23.5 million Euros.
The final tally of APSA is impressive. Houses and apartments spread across Europe in 2013 have reached a total value of 342 million, but that the investment portfolio in euro has surpassed the beauty of 475 million, to which we must add titles to $ 137 million, 33 million and 17 million pounds Swiss francs. A treasure worth a total of more than a billion, and who now run into three: From Sega, super consultant appointed last April; Archbishop Domenico Calcagno, president of APSA much disliked by Pell, and the secretary Monsignor Luigi Mistò.
"If the property of APSA are worth more than what is reported in the financial statements, also gold there are many things that do not add up." Already: reading the confidential data of 2013 it turns out that the APSA holds precious metals "a voice EUR 30.8 million corresponding to 32,232 ounces in bullion and 3122 ounces of gold for coin ... The value is decreased by 12 , 4 million euro the previous year. " Someone, however, suspects that an important part of the gold reserves of the Vatican (some estimates of the Secretary of State to be taken lightly speak of a value of € 140 billion, double the amount retained by the Bank of Italy) is preserved in Swiss coffers and England. "The estimate seems excessive," gloss anchors the manager Apsa: "Even large part because of our yellow metal was sold in the nineties and the BEGINNING of the new century Venezuelan Cardinal Rosalio Castillo Lara, former president of administration ' .
In addition to gold APSA, the Vatican also controls the assets of the IOR, estimated 6 billion a round. It is not surprising that the hoard, after the arrival of the new pontiff, has unleashed a battle (yet another) for management. Francis has blown away the first men Tarcisio Bertone that since 2007 the IOR and drove through Calcagno, safe APSA. Too many scandals of the decadent "lobby Italian": apart from the raids of Scarano and the story of Bertone (cases Carige and Lux Vide promising developments), the investigations for money laundering have blasted the director of the IOR Paolo Cipriani, his deputy Massimo Tulli and treasurer of the bank, as soon as the Prefecture for Economic Affairs headed by Joseph Versaldi, a close friend of Bertone, it may be deleted.
To reconstruct a more transparent system, then, Bergoglio called from Australia, Cardinal George Pell and appointed him head of a new department, the Secretariat of Economy. A sort of super-ministry that will monitor, in fact, all financial institutions within the walls of a lion. "Pell? It is known to the pope for his skills as a bursar (managed with good results as that of a large diocese Sidney, ed) and, above all, the command, "they reason from Santa Marta. Came under the dome, in fact, the former champion of Australian football immediately showed what he is made of. A few days ago he fired the president of the IOR Ernst von Freyberg (the magic circle of the pope not considered reliable enough), and has scrapped the old structures of governance. Pell does not trust anyone, and so has centralized its offices in all executive powers: if the Secretary of State has been heavily scaled (the successor to Bertone, Pietro Parolin, will deal mainly with diplomacy), the IOR and the APSA were police. Their functions will be thoroughly reformed, and their limited autonomy.
The Australian has silent support from the pope, and so far no one has dared to challenge him openly. But there are many who consider it too ambitious: whether Parolin has buried the hatchet just because Francis has admitted in the C9, the small group of cardinals who should help him in the leadership of the Church, President of the Governorate Giuseppe Bertello are trying in all ways to block the rise. The discredited and ravenous Italian cardinals speculate cordate to save the situation, but they can do little. Among the powerful new single Oscar Rodriguez Maradiaga, archbishop of Tegucigalpa and coordinator of C9 and Cardinal Santos Abril y Castelló, newly appointed president of the commission of cardinals of the IOR, they tried to limit the scope of Pell. For now without success.
Even in Australia there are many, especially among the progressives, not to be satisfied with the ascent of their fellow citizen. Famous for his ultra-conservative positions and fired his government on Islam ("It's a religion warlike by nature, the Qur'an is full of invocations to violence," he said) was cleared in 2002 of the charge of abusing a 12 year old boy during a summer camp for altar boys, while in 2008 another alleged victim of abuse blamed Pell've covered a priest. Last March the cardinal, finally, was called to testify before the National Commission of Inquiry into child abuse established by the government in Canberra, about a cause that another former altar boy, John Ellis, had given to the Church and at the same Pell as a result of sexual violence that occurred between 1974 and 1979. In 2007, the lawyers of the prelate had admitted the abuse on the child, but had convinced the Court of Appeal that "the Church does not exist as a legal entity." A decision which allowed the Holy See to save millions in compensation. Pell has apologized, but many have remained baffled by his promotion, and have maligned a "parachute" offered by Better World.
HERE COMES THE MALTESE!
In the jungle, the Vatican ranger came from Sydney does not move by itself. The head follows the advice of three trusted advisers: the new president of the IOR, Jean Baptist de Franssu; Maltese tycoon Joseph Zahra (both members of the Council of the Economy, the other economic newborn office led by Reinhard Marx); and his friend Danny Casay, managers who handled him with the Diocese of Sydney. They are the leading exponents of which the vanquished, the old cardinals of the Curia, called the bandwidth of the Maltese. At the end of June an investigation of "L'Espresso" had reported the risk of conflict of interests between the new custodians of the business of St. Peter. The only Italian member called to be part of the Council of Economic named Francis Vermilion and he founded with his friend Zahra (patron of the financial giant Misco Malta) the Misco Advisory Ltd, a joint venture to encourage our fellow citizens to invest in 'island until a few years ago, true tax haven. In March, 2014, also, the son of de Franssu, Victor Luis, was hired by Promontory, U.S. companies that a year is sifting through the accounts of the IOR. But the number one dell'Ior seems to have good relations with some young McKinsey consultants who worked on the balance sheets of APSA. Among them was also Philip Sciorilli Borrelli. Born in 1981, is a son of art: his father Ivo is in fact among the majority shareholders of Banca Arner, the Swiss institute that has among its (few) depositors Silvio Berlusconi.
"There is no lobby Maltese," Pell retorted indignantly. It will be. Of course it is the financiers de Franssu and Zahra - holders of investment companies - that have created new structures and new strategies to manage the affairs. As can be seen from a confidential document dated 6 March and signed by them, the couple had suggested a scheme (published on p. 28), which largely reflects the Pell announced at a press conference a few days ago: the absolute power of the Secretary of ' Economy, APSA transformed into the Central Bank, the birth of a new Vatican Asset Management (VAM) to manage stocks and bonds.
SO PAY FRANCIS
The aims of Pell there is also another patrimony of the Holy See: the Vatican Museums, among the most profitable in the world viusitati and in 2011 the net profit was 58.7 million, and cash (including tickets and merchandise ) in excess of 91 million. Analyzing the financial statements of other entities, however, the museum looks like a good result whitefly. Because of the expense of the Roman Curia (cost 77.9 million last year!), The APSA has closed its budget at a loss of 48.4 million. Only the contribution of the Secretariat of State, has allowed a small profit at the end of dummy. If the Peter's Pence thanks to the charity of the faithful in 2013 resulted in 78 million speakers, the legendary Vatican Radio has lost, according to an internal report published in 2013 and reported to 2011, well 26.6 million. Even the printing press that publishes "L'Osservatore Romano" has closed the deal in less than 5.5 million. A drain, to add the deficit of 170 nunciatures abroad (minus 25.1 million) and 5.8 million who are used to pay the 110 Swiss Guards. I wonder, finally, whether the spending review will weigh Pell also threatened by the masses of Pope Francis: in 2011 the Office of Liturgical Celebrations Ratzinger has spent 1.1 million. Given the size of the treasure of God, it is little more than a tip.
(July 25, 2014)
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Revealed: The Vatican’s secret London property portfolio bought with Mussolini’s millions
- Vatican paid £15 million for one St. James's Square property in 2006
- Church also owns New Bond Street property that houses jewellers Bulgari
- Investment started after Mussolini gave church windfall for its support
- Council of Europe report last year revealed the Vatican controls assets worth £570 million
The Catholic Church owns a number of luxurious London properties as part of a property empire originally funded by fascist dictator Mussolini, it has been claimed.
The Vatican has used an offshore company structure to build up its portfolio of expensive properties now worth around £560 million.
Investment in international property was initiated by the church when Mussolini afforded it a huge windfall in 1929 in return for papal recognition of his fascist regime.
Included in the Church's London-based portfolio is 30 St. James's Square, which was purchased for £15 million in 2006 and houses investment bank Altium Capitol.
The portfolio also includes the premises of upmarket jewellers Bulgari in New Bond Street.
Also included in the valuable collection are properties in Coventry, Paris and Switzerland.
The St. James's Square block was bought by the company British Grolux Investments Ltd, according to a report in the Guardian.
The company's true ownership is not disclosed in records at Company's House, but Reading-based accountant John Jenkins, who is the company's secretary, said that it was owned by a trust.
Mr Jenkins however said that he was not 'authorised' by his client to provide further information.
British Grolux Investments Ltd's two nominee shareholders are listed as John Varley, former chief executive of Barclays Bank and Robin Herbert, another prominent Catholic banker.
Luxury: The Vatican's portfolio includes 169 New Bond Street, a building that houses luxury jeweller Bulgari
Block: 30 St. James's Square, seen on the left of this block, is also within the portfolio. The property, which houses investment bank Altium Capital, was bought by the church for £15 million in 2006
According to the report, British Grolux Investments inherited the property portfolio from two corporate predecessors, British Grolux Ltd and Cheylesmore Estates, after a company reorganisation in 1999.
Shares in these companies were traced to a Swiss company known as Profima SA, the Vatican's own holding company.
Historic files form Britain's Ministry of Economic Warfare confirmed the company's attachment to the Vatican, accusing it of 'engaging in activities contrary to Allied interests' during the Second World War.
Windfall: Italian dictator Benito Mussolini gifted the Catholic Church a huge windfall in 1929 for papal recognition of his fascist regime. The money was then used to secure property across Europe
The British previously considered blacklisting the company at the end of World War II and described Bernardino Nogaro, the Pope's financier, as engaging in 'shady activities'.
Nogaro was accused by officials of trying to transfer shares from two Vatican-owned properties in France to the Swiss company, as well as earlier trying to move Italian bank shares to Profima SA.
Records from 1932 reportedly show that Nogaro founded an offshore company to hold assets that he was buying.
According to one expert, the Mussolini investment was crucial to the Church. Cambridge historian John Pollard said: 'The papacy was now financially secure. It would never be poor again.'
A Council of Europe report analysing the Vatican's financial controls last year found that Paolo Mennini, a papal official, controls a special unit, the APSA, which oversees assets exceeding £570 million.
The Vatican's London representative, archbishop Antonio Mennini, refused to comment.
The Catholic Church owns approximately 1,100 properties in total, including shopping centres and residential properties, worth around nine billion Euros.
Italian Prime Minister Mario Monti is planning to demand that the Vatican pays taxes on non-religious properties this year, saying the rules will comply with European law.
Currently, church-owned properties are exempt from tax if any part of the building is used for non-commercial purposes, such as the inclusion of a small chapel.
Some 130,000 people signed an online petition for the church's exemption status to be overturned.
The annual cost could of the additional tax could be to 720 million euros (£598m), according to municipal government bodies.
Tax: Italian Prime Minister Mario Monti said that the Catholic Church will be forced to pay tax on non-religious buildings in the country this year, potentially raising £598 million in additional tax
In 2010 the EU opened an investigation into whether tax breaks enjoyed by some Church properties in Italy could be classed as illegal state aid.
Moneyval, the Council of Europe’s monitoring body for money laundering and terrorism financing, said last year that the Vatican is making progress in complying with international standards on financial transparency.
But the body, whose recommendations are used to decide whether a nation should be included on the white list of countries complying with international standards on financial transparency, said the vatican needs to do done
The report recommended that the Vatican bank IOR should be independently supervised.
The IOR has been at the center of several financial scandals in recent years. Paolo Cipriani, director general of the bank, and its former head, Ettore Gotti Tedeschi, were placed under investigation by Italian prosecutors in 2010 for allegedly omitting data in wire transfers from an Italian account.
Prosecutors seized 23 million euros from a Rome bank account registered to the IOR amid suspicion of money-laundering violations, as part of the probe.
The Italian investigation triggered calls to bring the city-state in line with European Union financial rules and become more transparent.
Read more: http://www.dailymail.co.uk/news/article-2266352/Revealed-The-Vaticans-secret-London-property-portfolio-bought-Mussolinis-millions.html#ixzz3Agij7i00