Former Vatican bank president faces prison sentence in embezzlement trial

Former president Angelo Caloia proclaimed himself innocent, and “a victim” of “operations orchestrated by other people”.

A Vatican court is expected to issue a verdict on Thursday night in an embezzlement and money laundering trial involving the ex-president of the Institute for the Works of Religion, also known as IOR, or the Vatican bank.

Former president Angelo Caloia proclaimed himself innocent, and “a victim” of “operations orchestrated by other people”.

The prosecutor requested an eight-year jail term for the 81-year-old man, as well as for a former lawyer from the bank, Gabriele Liuzzo.

They stand accused of having cheaply sold 29 properties – over 70% of the organisation’s real-estate assets – to themselves through offshore companies.

The trial also involves Gabriele Liuzzo’ son, Lamberto Liuzzo, who faces a six-year prison sentence.

The investigations began in 2014 and focused on operations carried out between 2001 and 2008 which caused estimated financial damage of €57 million.

Following the investigations, Angelo Caiola resigned from all his posts, including the presidency of the Veneranda Fabbrica del Duomo di Milano, which oversees the maintenance and preservation of Milan’s famous Cathedral.

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Source: Euronews

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