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Jail for ex-president of the Vatican Bank

Angelo Caloia, former president of the Vatican Bank, was found guilty of embezzlement and money laundering.

Angelo Caloia, former head of the Institute of Religious Affairs (IOR), known as the Vatican Bank, was convicted of embezzlement and money laundering.

A verdict was held in the case where Caloia, who was the president of IOR between 1989-2009, and Gabriele Liuzzo, one of the legal counsel of the institution at that time, and his son Lamberto Liuzzo were tried on charges of embezzlement and money laundering.

In the case that started in 2018, the President of the Vatican Court Giuseppe Pignatone announced that Caloia and Gabirele Liuzzo were sentenced to 8 years and 11 months in prison and 12,500 euros.

Pignatone announced that Lamberto Liuzzo was sentenced to 5 years and 2 months in prison and a fine of 8,000 euros.

The court also ordered the compensation of approximately 23 million euros to the damaged IOR and the confiscation of all accounts of the defendants.

The defendants were accused of embezzling the millions they had earned by selling IOR’s many properties in Italy below market value and laundering them in Switzerland while they were in charge of the bank.

All three people on trial denied the charges against them throughout the trial. Caloia’s lawyer stated that they would appeal the decision.

With his conviction, Caloia became the highest ranking Vatican official convicted of a financial crime in the Vatican.

Written by Maraaz

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