A Malta-based fund has retained a €29.5 million asset freeze against the Vatican Bank, also known as the Institute for Works of Religion (IOR). The freeze was imposed by a Maltese court, allowing three companies involved in a lawsuit against the bank to seize assets. The companies, Futura Funds Sicav, Futura Investment Management, and Courgar Real Estate, claim the Vatican Bank reneged on a €47 million investment commitment for a Hungarian property project.
The Vatican Bank’s history of scandals and financial mismanagement has led to increased scrutiny and calls for reform. In recent years, the bank has implemented transparency measures and compliance with international financial standards to address these concerns.
