Tag #Financial Scandal

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politico.eu

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Aug 11, 10:14

Vatican Accused of Using 'Skeleton Key' for Money Laundering

The Vatican is accused of using a system to illegally alter bank transfer details, potentially enabling money laundering, prompting an investigation amid efforts to improve its financial reputation under Pope Leo XIV.

Vatican Accused of Using 'Skeleton Key' for Money Laundering

The Vatican is accused of using a system to illegally alter bank transfer details, potentially enabling money laundering, prompting an investigation amid efforts to improve its financial reputation under Pope Leo XIV.

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What are the specific allegations of financial wrongdoing against the Vatican, and what are the immediate consequences if proven true?

The Vatican faces allegations of money laundering through its payroll agency, APSA, which allegedly altered bank transfer details to mask identities. Former auditor Libero Milone claims this "skeleton key" enabled illicit wire transfers, potentially violating anti-fraud rules. This follows years of financial scandals and undermines Pope Leo XIV's efforts to restore the Church's reputation.

zeit.de

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Jul 10, 19:15

Wirecard Trial: Braun Faces Likely Conviction for Fraud

In the Munich Wirecard trial, former CEO Markus Braun faces likely conviction for fraud, with the court dismissing his claim of being deceived by the absconded Jan Marsalek; the missing €1.9 billion is central to the case, highlighting systemic issues within the company.

Wirecard Trial: Braun Faces Likely Conviction for Fraud

In the Munich Wirecard trial, former CEO Markus Braun faces likely conviction for fraud, with the court dismissing his claim of being deceived by the absconded Jan Marsalek; the missing €1.9 billion is central to the case, highlighting systemic issues within the company.

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What broader implications might this trial have for corporate governance, financial regulation, and investor confidence in the future?

The trial's outcome will set a precedent for corporate fraud cases, impacting future corporate governance and regulatory oversight. The emphasis on the falsified financial statements suggests stricter accounting standards and increased scrutiny of financial reporting will likely follow. The focus on the missing funds underscores the need for robust internal controls and improved transparency.

t24.com.tr

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Jul 4, 01:13

EU Parliament's ID Group Accused of €4.3 Million in Illegal Spending

An internal audit report reveals that the European Parliament's Identity and Democracy group allegedly misused €4.3 million in funds through illicit donations exceeding €700,000 to various organizations and contracts violating EU procurement rules, potentially constituting one of the largest financi...

EU Parliament's ID Group Accused of €4.3 Million in Illegal Spending

An internal audit report reveals that the European Parliament's Identity and Democracy group allegedly misused €4.3 million in funds through illicit donations exceeding €700,000 to various organizations and contracts violating EU procurement rules, potentially constituting one of the largest financi...

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How did the ID group allegedly circumvent EU regulations regarding donations and procurement processes?

The misuse of funds involved donations to organizations with alleged links to ID group members, bypassing EU regulations prohibiting donations to entities unrelated to Parliament activities. Furthermore, over €3 million were spent on contracts violating EU procurement rules, including inflated payments for advertising and services.

cincodias.elpais.com

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Jun 21, 07:16

BBVA Faces Indictment for Alleged Espionage; Takeover Bid at Risk

A Spanish court is considering indicting BBVA, its former president, and other executives for allegedly hiring a former police commissioner to spy on rivals between 2004 and 2017; the decision will impact BBVA's ongoing takeover bid for Banco Sabadell.

BBVA Faces Indictment for Alleged Espionage; Takeover Bid at Risk

A Spanish court is considering indicting BBVA, its former president, and other executives for allegedly hiring a former police commissioner to spy on rivals between 2004 and 2017; the decision will impact BBVA's ongoing takeover bid for Banco Sabadell.

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Will BBVA face criminal charges for allegedly hiring a former police commissioner to conduct espionage?

A Spanish court is deciding whether to indict BBVA for allegedly hiring a former police commissioner to spy on politicians, journalists, and businesspeople between 2004 and 2017. The judge's decision to indict BBVA, its former president Francisco González, and other executives has been appealed. The outcome will significantly impact BBVA's ongoing takeover bid for Banco Sabadell.",

zeit.de

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May 26, 16:11

Wirecard Trial: Braun Claims Innocence, Blames Marsalek and Bellenhaus for Billions in Fraud

Former Wirecard CEO Markus Braun, currently on trial for fraud, submitted a 121-page document arguing his innocence, claiming that Jan Marsalek and Oliver Bellenhaus embezzled billions since 2013, a fact he allegedly only learned during the trial. The prosecution alleges a €3 billion loss.

Wirecard Trial: Braun Claims Innocence, Blames Marsalek and Bellenhaus for Billions in Fraud

Former Wirecard CEO Markus Braun, currently on trial for fraud, submitted a 121-page document arguing his innocence, claiming that Jan Marsalek and Oliver Bellenhaus embezzled billions since 2013, a fact he allegedly only learned during the trial. The prosecution alleges a €3 billion loss.

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What is the central claim of Markus Braun's defense in the Wirecard fraud trial, and what specific evidence is being presented?

Markus Braun, former CEO of Wirecard, is attempting to prove his innocence after two and a half years of trial and nearly five years in pre-trial detention. His defense claims a 121-page document proves Braun was unaware of the billions in fraud within the collapsed Dax corporation. The prosecution alleges that Jan Marsalek and Oliver Bellenhaus embezzled billions since 2013.",

pt.euronews.com

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Apr 30, 19:20

Becciu Withdraws from Conclave Amidst Vatican Financial Scandal

Cardinal Giovanni Angelo Becciu, facing charges of embezzlement and abuse of power related to a €350 million London property deal resulting in over €100 million in losses for the Vatican, withdrew from the upcoming conclave, raising concerns about past financial practices within the Church.

Becciu Withdraws from Conclave Amidst Vatican Financial Scandal

Cardinal Giovanni Angelo Becciu, facing charges of embezzlement and abuse of power related to a €350 million London property deal resulting in over €100 million in losses for the Vatican, withdrew from the upcoming conclave, raising concerns about past financial practices within the Church.

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How does Cardinal Becciu's case relate to Pope Francis's broader reforms within the Vatican?

Becciu's case highlights the ongoing financial reforms within the Vatican under Pope Francis, aimed at reducing the power of the Secretariat of State and increasing transparency. The investment in the London property, managed by Becciu, was highly risky and outside the Vatican's core mission. While Becciu claimed the transactions were not for personal gain, the Vatican court disagreed, sentencing him to five years and six months in prison.

abcnews.go.com

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Jul 23, 22:14

UK Supreme Court Overturns Libor Manipulation Convictions

The UK Supreme Court overturned the convictions of two traders, Tom Hayes and Carlo Palombo, for manipulating Libor and Euribor interest rates due to flawed jury instructions in their trials, impacting nine previous convictions and raising concerns about the integrity of benchmark interest rates.

UK Supreme Court Overturns Libor Manipulation Convictions

The UK Supreme Court overturned the convictions of two traders, Tom Hayes and Carlo Palombo, for manipulating Libor and Euribor interest rates due to flawed jury instructions in their trials, impacting nine previous convictions and raising concerns about the integrity of benchmark interest rates.

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What are the immediate consequences of the UK Supreme Court's decision to quash the convictions of Hayes and Palombo for Libor manipulation?

The UK Supreme Court overturned the convictions of Tom Hayes and Carlo Palombo, two traders accused of manipulating Libor and Euribor interest rates, due to flawed jury instructions that prevented consideration of dishonesty. This decision follows a similar US ruling and impacts nine previous convictions, highlighting systemic issues in the Libor scandal.

dw.com

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Jul 9, 22:13

EU Parliament's Identity and Democracy Group Under Investigation for Misuse of Funds

Journalists from Germany, France, and Austria allege that the European Parliament's Identity and Democracy group illegally spent millions of euros of EU funds on entities with close ties to its members, prompting an investigation by the EU prosecutor's office.

EU Parliament's Identity and Democracy Group Under Investigation for Misuse of Funds

Journalists from Germany, France, and Austria allege that the European Parliament's Identity and Democracy group illegally spent millions of euros of EU funds on entities with close ties to its members, prompting an investigation by the EU prosecutor's office.

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What specific evidence points to the illegal use of EU funds by the Identity and Democracy group in the European Parliament?

A joint investigation by German, French, and Austrian journalists revealed that the Identity and Democracy (ID) group in the European Parliament, a right-wing populist faction, potentially misused millions of euros in EU funds. The EU prosecutor's office is now investigating these allegations, focusing on payments to organizations with apparent ties to ID members.

dw.com

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Jul 4, 19:15

EU Parliament's Far-Right Group Accused of €4.3 Million Fund Misuse

An internal audit reveals that the European Parliament's far-right Identity and Democracy group misused at least €4.3 million in EU funds through fictitious contracts, improper tenders, and donations to organizations linked to far-right figures, violating EU regulations.

EU Parliament's Far-Right Group Accused of €4.3 Million Fund Misuse

An internal audit reveals that the European Parliament's far-right Identity and Democracy group misused at least €4.3 million in EU funds through fictitious contracts, improper tenders, and donations to organizations linked to far-right figures, violating EU regulations.

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How did the structure of the European Parliament's financial system contribute to the alleged misuse of funds by the ID group?

The misuse of funds involved fictitious contracts, improper tender procedures, and donations to far-right-affiliated groups, such as €3,500 to an anti-abortion campaign and €600,000 to a far-right newspaper. These actions contravene EU rules prohibiting donations to local charities or groups lacking a clear connection to EU-level work.

welt.de

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Jun 8, 16:12

Bishop Hanke Resigns Amidst Financial and Abuse Scandals

Bishop Gregor Hanke resigned from the Diocese of Eichstätt in Bavaria, Germany, citing "inner weariness" after facing a \$41.5 million financial scandal, multiple sexual abuse cases, and resistance to church reforms.

Bishop Hanke Resigns Amidst Financial and Abuse Scandals

Bishop Gregor Hanke resigned from the Diocese of Eichstätt in Bavaria, Germany, citing "inner weariness" after facing a \$41.5 million financial scandal, multiple sexual abuse cases, and resistance to church reforms.

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What prompted Bishop Hanke's resignation, and what are the immediate implications for the Diocese of Eichstätt?

Bishop Gregor Hanke of Eichstätt, Germany, resigned due to "inner weariness" following numerous scandals, including a \$41.5 million financial scandal and multiple sexual abuse cases within his diocese. His resignation comes after years of resisting church reforms.

elpais.com

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May 9, 10:14

Lebanon Arrests Ex-Central Bank Governor Amidst Global Embezzlement Probe

Former Lebanese central bank governor Riad Salameh, accused of embezzling hundreds of millions of euros and running a decades-long Ponzi scheme, was arrested in Beirut, facing investigations in multiple countries with potential compensation claims reaching $1 billion.

Lebanon Arrests Ex-Central Bank Governor Amidst Global Embezzlement Probe

Former Lebanese central bank governor Riad Salameh, accused of embezzling hundreds of millions of euros and running a decades-long Ponzi scheme, was arrested in Beirut, facing investigations in multiple countries with potential compensation claims reaching $1 billion.

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What are the immediate consequences of Riad Salameh's arrest for Lebanon's ongoing economic crisis and international relations?

Riad Salameh, Lebanon's former central bank governor, has been arrested in Beirut on charges of embezzling hundreds of millions of euros and illicitly acquiring luxury properties. This follows years of international investigations into a vast financial scheme that artificially propped up Lebanon's currency while lining Salameh's pockets and those of his associates.

nrc.nl

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Apr 25, 22:15

Vatican Financial Scandal: Becciu Sentenced Amidst Ongoing Financial and Systemic Issues

A 2023 Vatican trial resulted in a 5.5-year prison sentence for Cardinal Becciu for embezzlement and fraud related to a costly London property investment; despite Pope Francis' financial reforms, the Vatican remains financially strained due to a culture of secrecy and the need for deeper structural ...

Vatican Financial Scandal: Becciu Sentenced Amidst Ongoing Financial and Systemic Issues

A 2023 Vatican trial resulted in a 5.5-year prison sentence for Cardinal Becciu for embezzlement and fraud related to a costly London property investment; despite Pope Francis' financial reforms, the Vatican remains financially strained due to a culture of secrecy and the need for deeper structural ...

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What were the immediate consequences of the "trial of the century" concerning financial crimes within the Vatican?

In 2023, Cardinal Giovanni Angelo Becciu, a high-ranking Vatican official, received a 5.5-year prison sentence for embezzlement and fraud related to a disastrous London property investment costing the Church tens of millions of dollars. This followed a major trial dubbed the "trial of the century", highlighting significant financial misconduct within the Vatican.

Showing 1 to 12 of 26 results