Saturday, April 07, 2012

Italian man leaves €1.7 billion to the Church

An Italian man whose company manufactured electronic gates has left assets worth 1.7 billion euros ($2.19 billion) to the Catholic Church, said an AFP report in the Herald Sun.

The donation in Michelangelo Manini's will includes a majority stake in his company, news reports said.

Manini, 50, died on March 17. 

He also left properties, bank accounts and shareholdings to the diocese of Bologna, which took part in its first board meeting of the company, FAAC, on Monday.

"We will continue the work of our benefactor in the interests of FAAC and its employees," Andrea Moschetti, the lawyer appointed by the Church to manage its assets, was quoted as saying by business daily Il Sole 24 Ore.

Mr Moschetti also ruled out selling the Roman Catholic Church's stake to a group of French minority shareholders who hold 34 per cent of the company.

"Given the nature of the new owner, the aim will be to create a company with a strong ethical code," he added. The Church said earlier that the money would help "the needs of humanity under the evangelical commandment of charity".

FAAC, founded by Mr Manini's father in the 1960s, has some 1000 employees, operations in 12 countries and an annual turnover of 214 million euros ($275 million).

Mr Manini, who was never known as much of a Church benefactor, died with no direct heirs or close relatives and reportedly compiled his will in 1992.