This ad will auto close in 10 seconds

Vatican bank chief ousted in no-confidence vote

Last Updated: Friday, May 25, 2012 - 10:48

Vatican City: The president of the Vatican bank was effectively ousted on Thursday after receiving a unanimous vote of no-confidence from bank overseers for having leaked documents and failed to do his job at a critical time in the Holy See`s efforts to show transparency in its finances, the Vatican and officials said.
Ettore Gotti Tedeschi has been a polarising figure in the Vatican ever since he was named president of the bank, known as the Institute for Religious Works, or IOR, in 2009.

He is being investigated on suspicion of money laundering by Italian magistrates, but the investigation isn`t believed to have factored into the decision since the Vatican considers the investigation to be motivated by outside political interests.
In a statement today, the Holy See said the vote was taken because of Tedeschi`s failure to fulfil the "primary functions of his office”.

He himself has told prosecutors that he barely paid attention to the bank`s works, showing up only two days a week while tending to his primary position as head of Spain`s Banco Santander`s Italian unit.


First Published: Friday, May 25, 2012 - 10:48
comments powered by Disqus