In a historic verdict, the Vatican court has sentenced Angelo Becciu, a former cardinal and papal adviser, to 5 1/2 years in prison for financial crimes related to a controversial London real estate deal. This marks the first time a cardinal has ever been convicted by the Vatican court. The 75-year-old Becciu was found guilty of misusing Holy See finances, diverting $200.5 million to invest in a hedge fund operated by Italian businessman Raffaele Mincione, among other misconducts.
The trial, which commenced on July 27, 2021, has been a significant event for the Holy See, lasting long and encompassing over 80 hearings. Becciu's defense team has promptly announced their intention to appeal the verdict, indicating a future legal battle on the horizon.
Accompanying Becciu's conviction, Mincione and another businessman named Gianluigi Torzi have also been found guilty of various charges related to defrauding the Vatican. The charges stemmed from their involvement in a 2018 property purchase in London's prestigious Chelsea district, valued at €350 million ($381 million). The defendants were accused of artificially inflating the property's price with additional charges, as it had previously been sold six years earlier for a significantly lower cost of £129 million.
Subsequently, Bain Capital acquired the building from the Vatican for £186 million in 2022. The property, situated at 60 Sloane Avenue, was initially developed as a car showroom for the renowned Harrods department store.
Reacting to the sentencing, Becciu's lawyer expressed the intention to appeal the verdict, underlining the legal battle ahead. As the Vatican's longest-ever trial concludes, the conviction of a former cardinal holds immense significance and shines a light on the complex financial dealings within the Holy See.