The Court of Malta ordered the seizure of 29.5 million euros of assets belonging to the 'Bank of the Vatican'

The Civil Court of Malta has ordered the seizure of 29.5 million euros of assets belonging to the Istituto per le Opere di Religione (IOR or Institute for the Works of Religion), commonly known as the "Bank of the Vatican." The order came after the Maltese companies Futura Futura Funds and Investment Management, together with Luxembourg Real Estate Cougar company, initiated court proceedings in the civil courts of Malta against the IOR.

Maltese and Luxembourg companies seeking damages for allegedly blocking IOR of a sale of shares Futura Funds SICAV has in Cougar, as well as the sale of shares that the latter has in the Hungarian company, Tozsdepalota, the owner of the landmark building historical. Palace Budapest Stock Exchange.

The court order of Malta marks the latest developments in a court ongoing saga initiated by IOR, which is trying to breach an obligation of investment of € 24 million in Futura Funds SICAV held in 2013, just weeks before the resignation unprecedented of Pope Benedict XVI ".

A court order directing that the money or property of the IOR is confiscated issued today. In 2013, the IOR assumed contractual commitment to invest € 41 million in the renovation scheme. Futura is seeking financial compensation for losses related to delays in the agreement and damage to reputation after the IOR breached its contractual commitments related to this investment. As security for this claim against the IOR, Futura Funds SICAV filed a garnishment order in the amount of € 29.5 million, which was confirmed on 13 March by the Civil Courts of Malta.  

The court order of Malta marks the latest developments in a court ongoing saga initiated by IOR, which is trying to breach an obligation of investment of € 24 million in Futura Funds SICAV held in 2013, just weeks before the resignation unprecedented of Pope Benedict XVI. The election of Pope Francisco led to major changes in the Bank of the Vatican, which included, since 2013, replacing three presidents, two general directors, most high domestic officials and members of the Commission of Cardinals.