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Vatican Bank Starts Legal Battle With Malta-Based Investment Fund

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The Vatican Bank has opened civil court proceedings in a Maltese court over the loss of €17 million in an investment fund through a Malta-based bank. The fund itself, Optimum Ad Maoira, which is based in Luxembourg, is administered through the controversial Futura Funds, run by Italian banker Alberto Matta.

Futura is licensed by the Malta Financial Services Authority, but recently had a request of theirs frozen, leaving them in a bit of a bind.

Now, Futura Funds might have some even bigger problems as the Vatican Bank prepares to start legal proceedings against those deemed responsible for the loss of their millions invested through Malta.

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These investments were made during 2012 and 2013, a bit of a rocky time for the Vatican Bank as it was running without a president.
The Vatican Bank released a statement making it clear that the action is being taken “against various third parties deemed liable of having caused significant damages to (the bank) in connection with certain investment transactions in which it participated”.

To add more heat to the fire, this comes on the heels of Pope Francis actively reforming the Roman Catholic Church’s finances to be more transparent and less “dodgy”, the new Vatican Bank president said.

The Vatican Bank invested tens of millions through the Maltese institutions, and while some of the Vatican Bank’s investment money was recovered, it wasn’t enough, and the Bank is intent on showing its commitment to “any appropriate action to protect its financial and reputational interests”.

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