Latest news with #RaffaeleMincione
Yahoo
02-05-2025
- Business
- Yahoo
Vatican pays millions in legal costs to British banker caught up in ‘trial of the century'
The Vatican has been ordered to pay millions of pounds in legal costs to a British financier caught up in the Vatican's 'trial of the century'. The Vatican will now pay half of the legal costs of almost £7 million incurred by Raffaele Mincione after he was forced to defend himself against allegations of dishonesty, fraud and conspiracy. British-Italian businessman Mr Mincione's name was cleared after taking High Court action in England against the Vatican to protect his reputation. The businessman won the legal action to clear his name over his role in the Vatican's £275 million purchase of a former Harrods warehouse in Chelsea, west London. It was the first time the Vatican had faced trial in the English courts in its 2,000-year history. The Holy See had claimed Mr Mincione committed fraud by inflating the price when his companies sold the former Harrods property to the Vatican in 2018 to convert into luxury apartments. The financier and his legal team claimed he was the victim of a 'witch hunt' where the legal goalposts were moved to secure his conviction in a trial in Italy. After ruling in his favour, the UK court has now ordered the Vatican to make an immediate payment to Mr Mincione of £1.5m 'within weeks', with further payments to be made following detailed assessment. Mr Mincione said: 'I am proud as a British citizen that these matters have finally been examined by a truly independent judicial system which has exonerated me of dishonesty, fraud or conspiracy. 'I am grateful that the English judge has awarded us millions of pounds in legal costs, reflecting the true winners and losers of this sorry case. 'For the first time, I am also pleased to share the opinion of the Vatican City State's chief prosecutor Alessandro Diddi when he previously said he was satisfied by the findings in this case. 'The Vatican trial was originally an attempt to deflect attention from its own incompetence, but it quickly became a witch-hunt. I am still a Catholic and I believe that my Church should be and can be better than this.' In his judgment on the case, Mr Justice Robin Knowles granted 29 of the 31 declarations sought by Mr Mincione in his legal action against the Vatican. It accepted independent expert evidence that the value of £275 million for the Harrods warehouse was a supportable market value for the property before the transaction in 2018. However, the judge criticised Mr Mincione for failing to act in good faith in their communications with the Vatican, saying he had not been frank about the £275 million valuation and 'was misleading by reference to the sources available to him and in context'. The Vatican, a Catholic enclave in the centre of Rome, often avoids legal action in foreign jurisdictions by claiming sovereign immunity. The defence of sovereign immunity was not, however, available to the Vatican in the case of 60 Sloane Avenue, the central London property at the centre of the dispute, because the dispute relates to a commercial transaction. During the trial in the Vatican, it emerged the late Pope Francis had authorised secret wiretaps, including of a cardinal, during the investigation. The extraordinary powers allowed investigators to bug phones, intercept emails and arrest anyone they wanted without seeking prior approval from a judge. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Yahoo
21-02-2025
- Business
- Yahoo
British financier cleared of fraud after legal battle with Vatican
A British financier has been cleared of dishonesty, fraud and conspiracy by an English High Court judge after a historic legal battle with the Vatican. Lawyers for Raffaele Mincione, a British-Italian businessman, brought the unprecedented legal action against the Vatican to clear his name over his role in the Vatican's £275 million purchase of a former Harrods warehouse in Chelsea, west London. It is the first time that the Vatican has faced trial in the English courts in its 2,000-year history. It also comes after what has been described as the Vatican's 'trial of the century'. A previous trial by a Vatican tribunal resulted in the conviction of Mr Mincione and Cardinal Giovanni Angelo Becciu in December 2023 for embezzlement over the property deal. The Vatican claimed Mr Mincione committed fraud by inflating the price when his companies sold the former Harrods property in 2018 to convert it into luxury apartments. Prosecutors in the Vatican charged Mr Mincione and 10 others with offences of fraud, embezzlement and abuse of office. The financier and his legal team claimed that he had been the victim of a 'witch hunt', wherein the legal goalposts were moved to secure his conviction. He brought the civil action in the High Court as a 'counterblast' to protect his reputation, claiming he had suffered 'prejudice' as a result of the allegations. In a judgment on Friday following a 17-day trial, Mr Justice Robin Knowles rejected the Vatican's allegations of fraud, dishonesty and conspiracy against the 'claimants', Mr Mincione and his companies. 'The Claimants … have the benefit of a number of findings in this judgment, not the subject of the declarations sought, which reject very serious allegations levelled against them,' said the judge. 'Here I have been able to, and have taken the opportunity to, deal with particular allegations, including particular allegations of dishonesty and particular allegations of conspiracy. The Claimants are entitled to those findings in relation to those allegations.' The court also rejected the Vatican's contention that there was no genuine negotiation leading up to the 2018 transaction. It accepted independent expert evidence that the value of £275 million for the Harrods warehouse was a supportable market value for the property before the transaction in 2018. However, the judge criticised Mr Mincione for failing to act in good faith in their communications with the Vatican, saying Mr Mincione had not been frank about the £275 million valuation and 'was misleading by reference to the sources available to him and in context'. Mr Justice Knowles added: 'The State [Vatican] had reason to consider itself utterly let down in its experience with the Claimants. The Claimants made no attempt to protect the State from fraudulent bad actors. 'They took no care towards the State and they put their own interests first. The State expected more from professional counterparts, in Mr Mincione and others.' Mr Mincione said the judgment had 'restored my faith in judicial procedure'. He added: 'I hope that this recognition will restore my ability to be heard impartially and without prejudice by the authorities and the press. 'I am so proud to be a British citizen and to be part of a country in which justice and due process prevails. 'It is a relief that, after years of being wrongly accused by the Vatican of stealing its money, the English Commercial Court has fully rejected the Vatican's case that I or [his companies] were dishonest or part of any conspiracy or fraud in relation to the negotiation and sale relating to the 60 Sloane Avenue building in 2018. 'I would add this: I am a businessman. The Vatican is a nation State with major financial institutional advisers around it, and its own Vatican Bank and Financial Information Authority. I hope the judgment can lay to rest once and for all claims that I am dishonest, or a fraudster, or a criminal.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Yahoo
21-02-2025
- Business
- Yahoo
UK court backs Vatican in refusing to say London financier acted in 'good faith' in property deal
VATICAN CITY (AP) — A British court on Friday largely backed the Vatican and refused to declare that a London-based financier acted in 'good faith' in his dealings over the Holy See's 350-million euro (US$375 million) investment in a London property. The financier claimed victory, saying the ruling found he wasn't dishonest and did nothing illegal. The British High Court said the Vatican 'had reason to consider itself utterly let down' in its experience with Raffaele Mincione, who had managed the money-losing investment for the Holy See for a number of years before another financier took over. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. Mincione had sought the ruling in a bid to clear his name in the British courts after he was convicted by a Vatican criminal tribunal in December 2023 for his role in the property deal. He had asked the British High Court to declare that he acted 'in good faith," among other requests. The court granted a number of Mincione's claims and rejected some of the Vatican's allegations against him. But in the ruling, Judge Robin Knowles said that 'on the evidence I heard at trial, the State (Vatican) had reason to consider itself utterly let down in its experience' with Mincione. Mincione and his companies 'made no attempt to protect the State (Vatican) from fraudulent bad actors. They took no care towards the State and they put their own interests first. The State expected more from professional counterparts, in Mr Mincione and others,' the court found. Mincione and his lawyers claimed victory, saying the vast majority of their other claims were accepted by the court. 'I hope the judgment can lay to rest once and for all claims that I am dishonest, or a fraudster, or a criminal,' he said. 'It is a relief that, after years of being wrongly accused by the Vatican of stealing its money, the English Commercial Court has fully rejected the Vatican's case that I or the Athena Capital fund or WRM Group were dishonest or part of any conspiracy or fraud in relation to the negotiation and sale relating to the 60 Sloane Avenue building in 2018,' Mincione said in a statement. Lawyer Benjamin Robinson for Mincione's WRM Group said the court granted the vast majority of claims sought about 'the legitimacy of the negotiations leading up to and the sale' of the building. The London case was the first time the Holy See had been put on trial in a foreign court. It was part of the collateral damage that the Vatican incurred in deciding to prosecute 10 people, including Mincione, for a range of financial crimes surrounding its money-losing London investment. Vatican prosecutors accused Mincione and others of fleecing the Holy See of tens of millions in euros in fees and commissions. Another London broker, Gianluigi Torzi, was accused of then extorting the Vatican for 15 million euros to cede control of the building. They were both convicted by the Vatican court, along with seven others including a cardinal, and are appealing. ___ Associated Press religion coverage receives support through the AP's collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content.
Washington Post
21-02-2025
- Business
- Washington Post
UK court backs Vatican, refuses to say London financier acted in 'good faith' in property deal
VATICAN CITY — A British court on Friday largely backed the Vatican and refused to declare that a London-based financier acted in 'good faith' in his dealings over the Holy See's 350-million euro (US$375 million) investment in a London property. The British High Court said the Vatican 'had reason to consider itself utterly let down' in its experience with Raffaele Mincione, who had managed the money-losing investment for the Holy See for a number of years before another financier took over. Mincione had sought the ruling in a bid to clear his name in the British courts after he was convicted by a Vatican criminal tribunal in December 2023 for his role in the property deal. He had asked the British High Court to declare that he acted 'in good faith,' among other requests. The court granted a number of Mincione's claims and rejected some of the Vatican's allegations against him. But in the ruling, Judge Robin Knowles said that 'on the evidence I heard at trial, the State (Vatican) had reason to consider itself utterly let down in its experience' with Mincione. Mincione and his companies 'made no attempt to protect the State (Vatican) from fraudulent bad actors. They took no care towards the State and they put their own interests first. The State expected more from professional counterparts, in Mr Mincione and others,' the court found. Mincione and his lawyers claimed victory, saying the majority of their other claims were accepted by the court. 'It is a relief that, after years of being wrongly accused by the Vatican of stealing its money, the English Commercial Court has fully rejected the Vatican's case that I or the Athena Capital fund or WRM Group were dishonest or part of any conspiracy or fraud in relation to the negotiation and sale relating to the 60 Sloane Avenue building in 2018,' Mincione said in a statement. The London case was the first time the Holy See had been put on trial in a foreign court. It was part of the collateral damage that the Vatican incurred in deciding to prosecute 10 people, including Mincione, for a range of financial crimes surrounding its money-losing London investment. Vatican prosecutors accused Mincione and others of fleecing the Holy See of tens of millions in euros in fees and commissions. Another London broker, Gianluigi Torzi, was accused of then extorting the Vatican for 15 million euros to cede control of the building. They were both convicted by the Vatican court, along with seven others including a cardinal, and are appealing . ___ Associated Press religion coverage receives support through the AP's collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content.
The Independent
21-02-2025
- Business
- The Independent
UK court backs Vatican, refuses to say London financier acted in 'good faith' in property deal
A British court on Friday largely backed the Vatican and refused to declare that a London-based financier acted in 'good faith' in his dealings over the Holy See's 350-million euro (US$375 million) investment in a London property. The British High Court said the Vatican 'had reason to consider itself utterly let down' in its experience with Raffaele Mincione, who had managed the money-losing investment for the Holy See for a number of years before another financier took over. Mincione had sought the ruling in a bid to clear his name in the British courts after he was convicted by a Vatican criminal tribunal in December 2023 for his role in the property deal. He had asked the British High Court to declare that he acted 'in good faith," among other requests. The court granted a number of Mincione's claims and rejected some of the Vatican's allegations against him. But in the ruling, Judge Robin Knowles said that 'on the evidence I heard at trial, the State (Vatican) had reason to consider itself utterly let down in its experience' with Mincione. Mincione and his companies 'made no attempt to protect the State (Vatican) from fraudulent bad actors. They took no care towards the State and they put their own interests first. The State expected more from professional counterparts, in Mr Mincione and others,' the court found. Mincione and his lawyers claimed victory, saying the majority of their other claims were accepted by the court. 'It is a relief that, after years of being wrongly accused by the Vatican of stealing its money, the English Commercial Court has fully rejected the Vatican's case that I or the Athena Capital fund or WRM Group were dishonest or part of any conspiracy or fraud in relation to the negotiation and sale relating to the 60 Sloane Avenue building in 2018,' Mincione said in a statement. The London case was the first time the Holy See had been put on trial in a foreign court. It was part of the collateral damage that the Vatican incurred in deciding to prosecute 10 people, including Mincione, for a range of financial crimes surrounding its money-losing London investment. Vatican prosecutors accused Mincione and others of fleecing the Holy See of tens of millions in euros in fees and commissions. Another London broker, Gianluigi Torzi, was accused of then extorting the Vatican for 15 million euros to cede control of the building. They were both convicted by the Vatican court, along with seven others including a cardinal, and are appealing. ___ Associated Press religion coverage receives support through the AP's collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content.
