The legitimacy of invoices and receivables from the hospitals, totaling tens of millions of euros, was challenged by Italian regional health authorities and the subject of several legal appeals. The securitization of those debts remains the subject of a separate Italian investigation.
Sierra One excluded the Fatebenefratelli receivables from the bond shortly before Mincione bought the 10 million euro stake for the Vatican, filing notice of the exclusion on June 27, 2018 – the day before the Athena Global Opportunities Fund bought in.
Both Torzi and Mincione remain at the center of an ongoing Vatican financial scandal involving the Secretariat of State's purchase of a London building from Mincione for hundreds of millions of euros. Torzi was arrested for his part in brokering the final stage of the transaction in June, Mincione was served with a search and seizure warrant by Italian authorities in July.
At the time of Torzi's arrest on charges of "extortion, embezzlement, aggravated fraud and money laundering," Vatican state media accused Mincione of a conflict of interest in the deal. Mincione distanced himself from Torzi in comments to the press, calling him a "counterpart," not a "partner," and insisting Torzi was chosen by the Vatican and worked on its behalf.
Under the initial control of Cardinal Angelo Becciu, in 2013 the Secretariat of State invested hundreds of millions of euros with Mincione, whose Athena Global Opportunities Fund served as a dedicated vehicle for those investments, including an initial 45% stake in the London building.
In 2018, and after Becciu's departure from the Secretariat of State to lead the Congregation for the Causes of Saints, the Holy See separated itself from Mincione. In the process of the separation, the secretariat bought the entirety of a London building at 60 Sloane Ave. – owned by Mincione through another company – relinquished its remaining investment in the Athena Global Opportunities Fund, and transferred a reported 40 million euros to Mincione via Athena.
Corporate documents examined by CNA show that the secretariat turned over its investment in the Athena Global Opportunities fund as part of its payment for the London building in November.
Before that, Vatican funds managed by Mincione's Athena Global Opportunities Fund were used in June 2018 to buy the Sierra One bond, which was managed by Sunset Enterprise Ltd., a company controlled at that time by Torzi.