Bank head convicted

Vatican City: A court has convicted Angelo Caloia, a former head of the Vatican bank, on charges of embezzlement and money laundering, making him the highest ranking Vatican official to be convicted of a financial crime.

Caloia (81) was president of the bank, officially known as the Institute for Works of Religion, between 1999 and 2009.

The Vatican court also convicted Gabriele Liuzzo (97) and his son Lamberto Liuzzo (55), both lawyers who were consultants to the bank.

The three were charged with participating in a scheme in which they embezzled up to ¤57 million

($NZ96.4 million) while managing the sale of buildings in 200207. — Reuters