A British court delivered a split verdict in the explosive Vatican property scandal Friday, clearing financier Raffaele Mincione of dishonesty while refusing to endorse his good faith defense in the Holy See’s $375 million London real estate debacle. The High Court dismissed Vatican claims of fraudulent conspiracy against Mincione but criticized his professional conduct as falling below expected standards for financial partners.
Judge Robin Knowles ruled on 29 of Mincione’s 31 arguments about the 60 Sloane Avenue transaction, stating:
‘The State (Vatican) expected more from professional counterparts in Mr. Mincione and others. His companies put their interests first.’
Key developments in the case include:
- Vatican prosecutors initially accused Mincione of $45M+ in fraudulent fees
- Broker Gianluigi Torzi separately convicted of extorting $16M
- 10 total convictions in Vatican City’s 2023 financial crimes trial
Mincione declared partial victory, stating:
‘This judgment should end false claims about criminality. We preserved the transaction's legitimacy.’Vatican prosecutor Alessandro Diddi countered that the ruling validated their position on Mincione’s substandard conduct.
The landmark case marks the first foreign trial involving the Holy See’s sovereign state status. Legal experts warn it exposes new vulnerabilities for Vatican financial operations. With appeals pending in both jurisdictions, this complex legal battle over financial accountability continues reshaping ecclesiastical governance standards.
