The Vatican Bank, the Institute for
Religious Works (IOR), said Friday that its former
director-general Paolo Cipriani and his former deputy Massimo
Tulli must pay over 40 million euros in compensation for
maladministration of the lender between 2010 and 2013 after a
Vatican court rejected their appeal against the penalty.
It said the case regarded investments arranged by Cipriani and
Tulli "which proved to be immediately harmful as problematic
and, in several cases, also illegitimate and subject to criminal
proceedings".
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