A British-Italian financier has been cleared of dishonesty, fraud and conspiracy after a botched investment in a high end London property deal with the Vatican.
Businessman, Raffaele Minicione, pursued legal action against the Holy See in a bid to vindicated over his role in Vatican’s purchase of a £275 million west London property.
The London financier, sold the property at 60 Sloane Avenue, in Chelsea, to the Holy See in dealings that began in 2014 and ended up costing the Vatican about 140 million euros (£118 million) in 2022.
In what was previously dubbed the ‘trial of the century’, the 58-year-old was one of a string of defendants on trial in December 2023 accused of fraud, embezzlement, money laundering, extortion, corruption and abuse of office.
The Holy See alleged the financier had carried out fraud by inflating the price tag of Harrods warehouse in 2018 to transform them into lavish flats.
He, alongside Cardinal Giovanni Angelo Becciu, were found guilty of embezzlement in relation to the opaque property deal at the end the historic trial in the Vatican and sentenced to five years and six months in prison.
Now, the businessman has since taken the Holy See to the English courts – for the first time in their 2,000-year history – in a ‘counterblast’ in a bid to defend his reputation, seeking declarations that he acted ‘in good faith’ in relation to the deal .
Mr Mincione, as well as his legal team, alleged the businessman had been a victim of a ‘witch-hunt’, where the legal criteria was changed to ensure his conviction. They also added that 58-year-old had experienced ‘prejudice’ due to the claims.
Raffaele Mincione (pictured), a London financier, sold the property to the Holy See in dealings that began in 2014
It ended up costing the Vatican about 140 million euros (£118 million) after he allegedly overinflated the price tag (pictured: the Sloane Avenue property in question)
However judge Mr Justice Robin Knowles rejected the businessman’s request, saying The Vatican was ‘utterly let down’ by the British-Italian financier following a trial at which a senior aide to Pope Francis gave evidence.
The court did, however, grant the vast majority of the declarations Mr Mincione sought and rejected the Vatican’s allegations of dishonesty, fraud and conspiracy against the financier and his businesses.
The court did also agree with independent expert evidence given during the trial explaining the value of £275 million for the west London property was an acceptable price for the warehouse at the time.
But Mr Justice Robin Knowles did condemned the British financier for failing to ‘act in good faith’ when communicating with the Holy See, adding the businessman hadn’t clear about the property’s valuation.
The judge told the court: ‘The claimants have the benefit of a number of findings in this judgment not the subject of the declarations sought, which reject very serious allegations levelled against them.’
He added: ‘The State [Vatican] had reason to consider itself utterly let down in its experience with the claimants.
‘The claimants made no attempt to protect the State from fraudulent bad actors. They took no care towards the State and they put their own interests first. The State expected more from professional counterparts in Mr Mincionie and others.’
The businessman said the ruling had ‘restored [his] faith’ in the legal system.
At the heart of the trial is the £275 million dealing of a luxury property in London (pictured)
Mr Justice Robin Knowles said The Vatican was ‘utterly let down’ by the British-Italian financier following a trial at which a senior aide to Pope Francis gave evidence
In a case to open in the High Court (pictured) Mincione sought a declaration that he acted properly and in good faith – the judge rejected this
Mr Mincione said: ‘I am proud as a British citizen that these matters have finally been examined by a truly independent judicial system which has exonerated me of dishonesty, fraud or conspiracy.’
Mincione is appealing against his conviction and has also lodged a complaint with the United Nations’ human rights watchdog.
Archbishop Edgar Pena Parra, a senior aide to Pope Francis, gave evidence at the trial of Mincione’s lawsuit last year.
Mincione and companies in his WRM Group sought various declarations about their agreement with the Vatican, including that they ‘had acted in good faith in and about the transaction and the negotiation and execution of the contractual documents’.
Judge Robin Knowles said in a written ruling: ‘On the facts shown at trial the claimants fell below the standards of communication with the state (the Vatican) that could be described as good faith conduct.’
He added: ‘The state had reason to consider itself utterly let down in its experience with the claimants.
‘The claimants made no attempt to protect the state from fraudulent bad actors.’
Mincione welcomed the ruling, saying: ‘I hope the judgment can lay to rest once and for all claims that I am dishonest, or a fraudster, or a criminal.’
MailOnline has approached the Vatican for comment.