Vatican Bank Directors Resign Amid Financial Scandal
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The director and deputy director of the Vatican bank resigned yesterday, the latest management shake-up at the Church’s financial arm amid a series of corruption investigations.
Paolo Cipriani and his deputy Massimo Tulli stepped down “in the best interest of the institute and the Holy See,” the Vatican said in a statement late yesterday. Ernst von Freyberg, the bank’s president appointed last February, will take over as interim director general and a new position of chief risk officer will be created. “It is clear today that we need new leadership to increase the pace of this transformation process,” von Freyberg said in the statement.