Pope shut down financial corruption in London

Pope shut down financial corruption in London

The Vatican is embroiled in a suspicious real estate scandal in London, setting aside members of its state secretariat.

Sometimes the dark roads of Rome can pass through London. The Vatican is trying to curb financial and real estate corruption in the British capital. It was serious enough for the Pope to decide to withdraw the management of his funds from the powerful State Secretariat.

It all started last summer and will quickly explode with the launch of an investigation. Internal reports warn of the opacity of financial arrangements surrounding the purchase of a building located at 60 Sloan Avenue in Chelsea’s most chic district. The complex, which was formerly owned by the Harrods Department Store, is 17,000 m22 Offices to be converted into luxury apartments. The acquisition, which began in 2014, has reached a whopping 200 million in mortgage loans from Swiss banks, coupled with donations from loyalists. The State Secretariat – the central administration of the Holy See – thus owns 45% of the building

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Cory Weinberg

About the Author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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