Word: ambrosiano
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Dates: during 1982-1982
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...biggest Italian bank scandals of modern times last week got bigger. Struggling to unravel the mystery surrounding $1.2 billion to $1.4 billion missing from Milan's Banco Ambrosiano, Italy's eleventh largest bank, and the apparent suicide in June of its president, Roberto Calvi, Italian authorities tried to serve notice on three of the top officials of the Vatican bank that they were under investigation for possible bank fraud. Among them was American-born Archbishop Paul Marcinkus, 60, the president of the bank, which is officially known as the Institute per le Opere di Religione (I.O.R.), or Institute...
...specific focus of the probe remains a matter of speculation. But Vatican observers believe that it involves evidence of a plot, in which the deceased Calvi may have been implicated, to transfer a large amount of Banco Ambrosiano's stock outside of Italy, in secret, where Calvi could have control of it but not have "to worry about the scrutiny of Italian banking authorities. The investigation is also looking into Calvi's use of the Vatican bank in the scheme, especially Marcinkus and Mennini's agreement to issue certain "letters of patronage" for Calvi. Such letters...
Even before the Banco Ambrosiano affair, though, Marcinkus had been touched by financial scandal. In 1973 Italian-American Financier Michele Sindona sold two companies to Calvi for what was considered the greatly inflated price of $100 million. According to Giorgio Ambrosoli, the court-appointed liquidator of the Sindona empire at the time, Sindona paid a $5.6 million commission as part of the deal to "an American bishop and a Milanese banker." Official Italian sources have confirmed that Ambrosoli was refer ring to Marcinkus and Calvi. It is still not clear why the two allegedly received this money...
Effects of the Italian bank scandal have quickly rippled through the Western financial community. Last week the assets of Banco Ambrosiano's Luxembourg subsidiary were frozen after two British banks called loans totaling $125 million. That, in turn, has put in jeopardy up to $400 million in loans held by some 250 banks, including Bank of America...
Manufacturers Hanover. The Gotthard Bank, a small Swiss bank, was immediately endangered because 45% of its shares are held by the Luxembourg subsidiary of Banco Ambrosiano. Officials of the Gotthard Bank are now looking for someone to buy the Ambrosiano stock...