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Wednesday, January 27, 2021

Pope Formally Seizes Vatican Secretariat Assets

Pope Francis has formally stripped the Vatican secretariat of state of its assets in response to allegations of mismanagement of donations and investments.

Pope Francis has formally stripped the Vatican secretariat of state of its assets in response to allegations of mismanagement of donations and investments.

Francis signed in his recent Motu Proprio a new law that ordered the secretariat of state to finish transferring all of its holdings to another Vatican office by Feb. 4.

The transfer of the holdings including the administration of Peter’s Pence over would be effectively transferred to the Administration of the Patrimony of the Apostolic See (APSA) as of 1 January 2021.

APSA “will handle their management and administration”. They will be subject to ad hoc oversight by the Secretariat for the Economy (SPE), which “from now on will also perform the function of Papal Secretariat for Economic and Financial Matters”, said Francis. 

Francis said the changes were made to improve the administration, control, and vigilance over the Holy See’s assets and ensure that management was more transparent and efficient. 

According to the 18-month investigation conducted by the Vatican prosecutors, the state secretariat made a 350-million-euro investment into a luxury residential building in London’s Chelsea neighborhood and other speculative funds amid the period while the Holy See was experiencing financial difficulties.

The prosecutors have accused several officials in the secretariat and their accomplices of abusing their authority for their involvement in the deal.

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