The Vatican has made sweeping changes to the way it manages its vast wealth after a mishandled investment in a Chelsea property lost millions and led to the prosecution of a cardinal.
Investments run secretly by Vatican departments will be managed by a central authority and must be “of a productive nature, ruling out any designed to be speculative in nature”, the Vatican announced.
Ed Condon, editor of Catholic news site The Pillar, said: “When they use the word ‘speculative’ they have Chelsea in mind and they really don’t want to see that happen again.”
Ten people, including financial advisers, former Vatican officials and Angelo Becciu, an Italian cardinal, are on trial at the Vatican accused of financial crimes after a €350m investment in luxury flats in Sloane Avenue, west London, lost millions.
