Cardinal resigns amid London property scandal

The head of the Vatican’s saint-making office has resigned and renounced his rights as a cardinal amid a financial scandal involving a multi-million pound London property deal.

Cardinal Angelo Becciu’s shock departure from the post was revealed in a tight-lipped announcement last night, in which the Holy See said only that Pope Francis had accepted his resignation as prefect of the Congregation for the Causes of Saints “and his rights connected to the cardinalate”.

Becciu has reportedly been implicated in the scandal that has lost the Holy See millions of pounds in fees paid to middlemen. It remains unclear if his resignation is connected to his former role managing the Vatican’s asset portfolio. He has denied any wrongdoing.

The problems date back to 2014, when the Vatican invested more than $200million (£156 million) in a fund run by an Italian businessman.

The deal gave the Holy See 45 per cent of 60 Sloane Avenue, a luxury development in Chelsea. At the time Becciu was the Vatican’s deputy secretary of state, and reportedly was said to have personally authorised the investment. The Holy See decided in November 2018 to exit the fund, end its relationship with the businessman and buy out the remainder of the building.

The buyout deal cost the Holy See tens of millions of pounds more and sparked the Vatican investigation.

Becciu has pointed out that he had left the secretariat by the time of the buyout deal. A year-long inquiry into the scandal has seen a prosecutor place several Vatican officials under investigation as well as the middlemen, though not Becciu.

Secretary of State Pietro Parolin has said the whole matter was “opaque” and needed to be clarified.

The Pope has vowed to get to the bottom of what he has said was evidence of corruption in the Holy See.

Reference: Evening Standard: MIchael Howie 1 day ago: 25/09/2020