Kailia was known as the Bank of Works of Religion (IOR) from 1999 to 2009. He and two lawyers who consulted for the bank were charged with embezzlement of funds, managing the sale of Italian real estate owned by IOR during 2001–2008. , Reportedly less than the actual amount of the sale.
A Vatican court also convicted both lawyers. 97-year-old Gabriel Lioujo received the same sentence as Calloia. Lizzo’s son, Lamberto Lizu, age 55, was given a five-year, two-month term.
According to a Vatican press release, every man must also pay a fine and be banned from public office.
The trio denied wrongdoing during the trial, which began in 2018.
The Vatican Bank has long suffered from financial scandals.
At the time, Besikyu said he had been accused of embezzlement and announced his innocence during a press conference after being effectively fired by Pope Francis.
In 2013, Pope Francis formed an expert committee to recommend reform of the Holy See’s economic and administrative structures to counter the problem.