The trial began on May 9, 2018. At the first hearing, the Vatican court announced plans to appoint experts to assess the value of properties that Caloia and Liuzzo were accused of selling at below-market rates, while allegedly making off-paper agreements for higher amounts to pocket the difference.
Caloia was present at the nearly four-hour long hearing, though Liuzzo was absent, citing his age.
According to the HuffPost, hearings over the next two and a half years drew on appraisals by the Promontory Financial Group, at the request of Ernst von Freyberg, IOR president from February 2013 to July 2014.
The hearings also reportedly considered three letters rogatory sent from the Vatican to Switzerland, with the most recent response arriving on Jan. 24, 2020. Letters rogatory are a formal request from courts in one country to the courts of another country for judicial assistance.
The Institute for Religious Works was founded in 1942 under Pope Pius XII but can trace its roots back as far as 1887. It aims to hold and administer money designated for “religious works or charity,” according to its website.
It accepts deposits from legal entities or persons of the Holy See and of the Vatican City State. The main function of the bank is to manage bank accounts for religious orders and Catholic associations.
The IOR had 14,996 clients as of December 2019. Nearly half of clients are religious orders. Other clients include Vatican offices, apostolic nunciatures, episcopal conferences, parishes, and clergy.