Vatican Bank chief sacked

25 May 2012 | 07:30
Investment Week
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The head of the Vatican Bank, Ettore Gotti Tedeschi, has been sacked for neglecting duties, just a few years after he was embroiled in a money laundering scandal.

The bank's board of directors voted unanimously to remove Tedeschi, a former Banco Santander banker, after he failed "to carry out duties of primary importance", said a statement from the Institute for the Works of Religion.

Tedeschi, who held the post since 2009, was placed under investigation in 2010 for a money laundering scam. Italian police seized €23m the Vatican Bank had tried to transfer from Credito Artigiano, a small Italian bank, according to the BBC.

At the time, the Vatican Bank said it was a misunderstanding and stood by Tedeschi.

In response to his dismissal, Tedeschi said: ""I would rather say nothing otherwise I would only have ugly words to say."

The Bank said it is looking for a replacement chief who can "restore" relations with the financial community.

Categories: Economics / MarketsEurope

Topics: Money launderingBanco santander

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