Vatican questions $17 million transfer to impact investing vehicle, moves to prevent similar

by | May 31, 2023 | Religion

VATICAN CITY (AP) — The former monastery on a quiet residential street in Rome once sheltered Jews fearing deportation in World War II. Purchased by the Vatican in 2021 as a dormitory for foreign nuns studying at Rome’s pontifical universities, the building now stands empty, a collateral victim of the latest financial scandal to hit the Holy See.Pope Francis has asked aides to get to the bottom of how at least $17 million, including money to refurbish the dorm, was transferred from the Vatican’s U.S.-based missionary fundraising coffers into an impact investing vehicle run by a priest, The Associated Press has learned. Two years later, the U.S. fundraiser says the money is gone, and the monastery is shuttered. Its renovation is tied up in bureaucratic red tape, while the nuns studying in Rome are still housed at a convent a 90-minute commute away.
The story of what happened to the money is one that has vexed Vatican officials on both sides of the Atlantic, all the more because the transfers appear entirely legal. But they have nevertheless prompted the new leadership of the Vatican’s missionary fundraising operation in the U.S., The Pontifical Mission Societies, to replace the staff and board of directors who app …

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[mwai_chat context=”Let’s have a discussion about this article:nnVATICAN CITY (AP) — The former monastery on a quiet residential street in Rome once sheltered Jews fearing deportation in World War II. Purchased by the Vatican in 2021 as a dormitory for foreign nuns studying at Rome’s pontifical universities, the building now stands empty, a collateral victim of the latest financial scandal to hit the Holy See.Pope Francis has asked aides to get to the bottom of how at least $17 million, including money to refurbish the dorm, was transferred from the Vatican’s U.S.-based missionary fundraising coffers into an impact investing vehicle run by a priest, The Associated Press has learned. Two years later, the U.S. fundraiser says the money is gone, and the monastery is shuttered. Its renovation is tied up in bureaucratic red tape, while the nuns studying in Rome are still housed at a convent a 90-minute commute away.
The story of what happened to the money is one that has vexed Vatican officials on both sides of the Atlantic, all the more because the transfers appear entirely legal. But they have nevertheless prompted the new leadership of the Vatican’s missionary fundraising operation in the U.S., The Pontifical Mission Societies, to replace the staff and board of directors who app …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
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