The Civil Court of Vatican City State recognized two former Directors of the Vatican’s Financial Institute culpable of “bad management,” stated a press release of the Institute for Works of Religion (IOR), published in English and Italian on Tuesday evening, February 6, 2018.
“The Court ordered them to pay compensation to the IOR for the damages that resulted,” stated the press release. “The Court’s decision is the result of the civil trial begun by IOR in September 2014, thanks to a further inspection of the financial investments undertaken by the Institute in the first semester of 2013.”
The press release stressed that the this judgment, is inscribed in the process of transformation of the Vatican’s Financial Institute in keeping with international norms. “This decision is an important stage that demonstrates the significant effort of the IOR’s executive these four last years to transform the Institute. It witnesses the IOR’s constant engagement in favour of solid governance, transparency in its operations and its determination to respect the best international norms. Finally, this confirms the IOR’s will to pursue judicially every fault committed against it, no matter where and by whom.”