The Mexican Catholic religious order Legionaries of Christ (LOC) created financial trusts that are currently holding $300 million in assets following a sex scandal and a 2010 Vatican announcement it would seize the order’s assets, reports the International Consortium of Investigative Journalists (ICIJ).
Three financial trusts with ties to the LOC were created in New Zealand. Their existence was discovered in a leak of financial records which has been named the Pandora Papers. The trusts invested in residential real estate.
“In statements to ICIJ, the Legion acknowledged it had set up one of the three trusts, but distanced itself from the other two, which held the majority of the funds designated for the Legion.”
When the ICIJ asked the LOC about disclosure of its assets, the ICIJ was told the “religious institutes do not have an obligation to send detailed information to the Vatican regarding their internal financial decisions or organization.”
The ICIJ organized the Pandora Papers project and recruited hundreds of journalists to examine almost 12 million records leaked from 14 offshore services firms. The ICIJ is describing the Pandora Papers as “The largest investigation in journalism history.” Continue reading “Pandora Papers Data Leak: Scandalous Catholic Order Discovered to Have $300 Million in Offshore Trusts”









