Credit Suisse caught up in fresh scandal over Vatican charity funds  

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Fresh scandal for beleaguered Credit Suisse after it emerges Vatican charity money was invested in a luxurious London property

Credit Suisse has been hit with one other lawsuit – this time in a deal involving the Vatican, a luxurious London property and a high-flying fund supervisor.

The beleaguered financial institution is accused by Raffaele Mincione of failing to inform him that money invested in his fund group WRM got here from donations the Vatican earmarked for the needy.

Instead, the money was put right into a WRM fund which bought 60 Sloane Avenue, in London’s Knightsbridge district which was previously utilized by Harrods.

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Property deal: Credit Suisse is accused by Raffaele Mincione of failing to inform him that money invested in his fund group WRM got here from donations the Vatican earmarked for the needy

Credit Suisse is reeling from involvement in the Greensill Capital and Archegos Capital implosions, and lately introduced in a md, having ousted former Lloyds boss Antonio Horta-Osorio who broke lockdown guidelines to go to Wimbledon.

Mincione faces proceedings in the Vatican, the place he has been charged him with fraud and embezzlement, which he denies. 

Companies related to WRM initially purchased the flash London constructing in 2012 for £129million, the Financial Times reported.

But two years later, a separate WRM fund, which included money from the Vatican’s charitable Peter’s Pence pot, purchased a stake in it at a a lot increased valuation. 

The Vatican snapped up the remainder of the constructing in 2018, and prosecutors say Mincione’s companies made an enormous revenue.

More than £300million of Vatican donations had been invested in 60 Sloane Avenue between 2014 and 2018. 

Mincione denies any wrongdoing, and says the Vatican was suggested by its personal banks, together with Credit Suisse.

He is bringing a declare towards fund administrator, Citco. 

WRM mentioned Credit Suisse and Citco saved info from Mincione ‘to cover up the exact origin of the said money in the framework of the relationship between [Credit Suisse and Citco] and the Vatican’. 

Credit Suisse mentioned it ‘will defend itself vigorously against this claim brought by WRM, which is unfounded and without merit’.

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