Washington D.C., Apr 9, 2020 / 01:00 pm (CNA).- A Maltese court has authorized the seizure of assets belonging to the Institute for Works of Religion (IOR), commonly called “the Vatican Bank.” The garnishment order was issued last month, allowing three companies involved in a lawsuit against the bank to seize €29.5 million in assets.

Two Malta-based investment companies, Futura Funds Sicav and Futura Investment Management, along with Luxembourg-based Courgar Real Estate, have been embroiled in a years-long court battle with the IOR over millions of euros which the Vatican bank agreed to invest with the firms, before withdrawing from the deal.

At issue is a 2013 investment plan involving the purchase of a property in Hungary – the Budapest Exchange Palace – for development and resale. According to Futura, the IOR originally said it would commit €47 million euros to the project but only delivered €14 million.

Praise the Lord

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