Vatican appeals court upholds convictions of ex-bank chiefs

ROME (AP) — A Vatican appeals court has upheld the convictions of two former managers of the Vatican bank. The court originally convicted Paolo Cipriani and Massimo Tulli in 2018 and held them liable for mismanagement. The two resigned in 2013. In a statement Friday, the Institute for Religious Works, as the bank is known. said the Vatican appeals court had ordered Tulli and Cipriani to pay back some 40 million euros from bad investments over a decade ago. The bank has undergone a long process to reform its reputation as an off-shore tax haven and source of scandal. It provides financial services to Vatican employees, diplomats, religious orders and the Holy See’s embassies overseas.