Ex-head of Vatican bank goes on trial for embezzlement

Published May 09, 2018

The former president of the Vatican bank has gone on trial on charges he and his lawyer embezzled 57 million euros ($68 million) from Vatican real estate sales, the latest effort by Vatican prosecutors to prosecute shady financial deals.

Angelo Caloia appeared in the Vatican courtroom Wednesday; his 95-year-old lawyer and co-defendant, Gabriele Liuzzo, was absent, citing his age.

During the nearly four-hour hearing, the court revealed it planned to appoint technical experts to assess the value of the real estate sold, amid accusations that the apartments were sold at below-market rates and then resold at market rates, with the defendants pocketing the difference.

During the investigation, Vatican authorities froze 17 million euros ($20 million) in the defendants' Vatican bank accounts, and had another 10 million euros ($12 million) frozen in Liuzzo's Swiss accounts, the court heard.

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