Washington, D.C. Newsroom, Oct 9, 2020 / 09:10 am (CNA).- When the Vatican purchased a London luxury apartment building from its investment manager in 2018, the building owner and the deal’s broker may have had a conflict of interest during negotiations.
A fund managed by Raffaelle Mincione, the building owner, invested 10 million euros of Vatican funds into securitized debt packaged and sold by a company belonging to Gianluigi Torzi, the broker of the building sale, a CNA investigation has discovered.
Mincione has claimed that he and Torzi only knew each other as casual acquaintances. But the investment is the second connection uncovered between the two men; a company owned by Mincione had borrowed money from a company owned by Torzi several months before the property sale was complete.
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