Vatican police investigating Holy See’s Chelsea property project

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The Vatican is investigating how $200m in Swiss bank accounts controlled by its central administrator ended up financing a luxury property development in London’s Chelsea district that generated large profits for a company that managed the investment for the Holy See.

The project to construct 49 luxury apartments at 60 Sloane Avenue has become the focus of an investigation by Vatican police into the financial activities of the Holy See’s Secretariat of State, the custodian of millions of dollars in charity given by Catholics around the world, according to multiple people familiar with the probe.
This month, Vatican police seized documents and computers from the Secretariat in search of evidence about the project and suspended five employees pending the results of its investigation.

The Vatican became involved in the Chelsea project in 2014 when $200m held in Swiss bank accounts controlled by the Secretariat of State was transferred to a Luxembourg investment fund called Athena Capital.

 

Via The Financial Times

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