May 25 - The Vatican Bank's president is ousted by the board of directors who blame him for a drop in standards of governance. Sunita Rappai reports.
In the spotlight since Italian investigators froze millions of funds in 2010, the Vatican bank has ousted its president. The board of directors unamimously passed a vote of no-confidence, blaming Ettore Gotti Tedeschi for a deterioration of standards. Tedeschi says he's been punished for being too open and honest. The Vatican bank has denied any wrongdoing in a probe into possible money laundering, and the frozen funds were released last year. Reuters Vatican Correspondent Philip Pulllella says the bank is moving to bolster its image which has suffered from intense scrutiny. (SOUNDBITE) (English) REUTERS VATICAN CORRESPONDENT PHILIP PULLELLA SAYING: "I think that the fact that they ousted him in such a public way was the signal to outsiders who are going to be making this decision that perhaps he was part of the problem." The board of the Bank says it will seek a new president who can re-establish effective relations with the financial community. Sunita Rappai, Reuters