This is not Mincione’s first UK legal action. In 2020, he sought declaratory relief at the High Court of England and Wales
Newsroom (10/10/2025, Gaudium Press ) Raffaele Mincione, the investment manager at the center of the Vatican’s London property scandal, has filed a commercial fraud lawsuit against the Holy See’s Secretariat of State, UBS, and Credit Suisse in London’s Commercial Court. The claim, lodged on September 30, marks the latest chapter in a contentious legal saga stemming from a 2018 London real estate deal that led to significant financial losses for the Vatican and a high-profile financial crimes trial in Vatican City.
Mincione, alongside his companies WRM Capital Asset Management and Athena Capital, accuses the defendants of commercial fraud related to the Vatican’s investment in a London property at 60 Sloane Avenue. The deal, which saw the Vatican acquire the property as part of its exit from Mincione’s investment fund, resulted in losses of hundreds of millions of euros for the Secretariat of State. The lawsuit also names UBS and Credit Suisse, the latter absorbed by UBS in a 2023 government-brokered merger, as co-defendants.
The case follows a 2023 Vatican City trial, where Mincione and eight others were convicted of financial crimes, including embezzlement, tied to the misappropriation of Vatican funds. Mincione, sentenced to five years and held liable for substantial financial penalties, has denied any wrongdoing, asserting he was unaware that the Vatican’s funds—managed by him from 2013 to 2018—were drawn from charitable reserves. He claims the Secretariat of State and Credit Suisse misled him about the funds’ origins, a contention echoed in a separate 2022 lawsuit filed by WRM in Luxembourg.
While details of the September 30 filing remain confidential, the claim likely builds on Mincione’s argument that the Vatican and Credit Suisse concealed critical information about the funds’ source. In the Luxembourg case, WRM alleged Credit Suisse failed to disclose that the money was drawn from charitable funds to obscure its origins in dealings between the bank and the Vatican.
This is not Mincione’s first UK legal action. In 2020, he sought declaratory relief at the High Court of England and Wales after Vatican media accused him of “speculative and self-interested” investments. The court cleared Mincione of fraud and conspiracy allegations but noted his communication with the Vatican fell short of good faith standards. Both parties claimed victory, though the Vatican was ordered to cover millions in Mincione’s legal costs.
The Vatican’s 2018 decision to part ways with Mincione’s fund incurred significant penalties and culminated in the controversial property acquisition. Testimony during the UK case exposed questionable practices within the Secretariat of State, including an admission by Archbishop Edgar Peña Parra, the sostituto, that he approved a “completely fictitious” €5 million invoice.
Mincione is also appealing his Vatican City conviction, with hearings resuming in February 2026. Additionally, he filed a 2023 complaint with the United Nations, alleging violations of his rights in the Vatican legal process, including interference with his legal team. The Vatican’s Promoter of Justice, Alessandro Diddi, faces a recusal motion in the appeal proceedings.
The London Commercial Court case underscores the ongoing fallout from the Vatican’s ill-fated investment and raises questions about transparency and accountability in its financial dealings. As Mincione’s legal battles span multiple jurisdictions, the resolution of these claims could have far-reaching implications for the Vatican’s governance and its relationships with international financial institutions.
- Raju Hasmukh with files from The Pillar
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