Editing Banco Ambrosiano (section)

== After 1981 ==
In 1981, police raided the office of [[Propaganda Due]] to apprehend the [[Worshipful Master]] [[Licio Gelli]] and uncover further evidence against Roberto Calvi. Calvi was sentenced to four years prison. He was released pending appeal and retained his position at the bank. Carlo de Benedetti of [[Olivetti]] bought into the bank and became deputy chairman, only to leave two months later after receiving [[Italian Mafia|Mafia]] threats and a lack of co-operation from Calvi. His replacement, longtime employee Roberto Rosone, was wounded in a Mafia shooting. The criminal organization responsible was the ''[[Banda della Magliana]]'' (Magliana Gang) which had taken over Rome's underworld in the late 1970s, and has been linked to political events of the [[Years of lead (Italy)|''anni di piombo'']] (years of lead).

In 1982 the bank was unable to account for $1.287 billion (equivalent to ${{Formatprice|{{Inflation|US|1287000000|1982|r=-6}}}} in present-day terms). Calvi fled the country on a false passport, and Rosone arranged for the [[Banca d'Italia|Bank of Italy]] to take over. Calvi's personal secretary, Graziella Corrocher, left a note denouncing Calvi before leaping to her death from her office window. Calvi's body [[Roberto Calvi#Death|was found hanging]] from [[Blackfriars Bridge]] in [[London]] on June 18.

During July 1982, funds to the off-shore interests were cut off, leading to their collapse, and in August the bank was replaced by the [[Nuovo Banco Ambrosiano]] under Giovanni Bazoli. [[Pope John Paul II]] pledged full transparency regarding the bank's links to the Vatican and brought in lay bankers including German financial expert [[Hermann Abs]], a move that was publicly criticized by [[Simon Wiesenthal]], due to Abs' role as top banker to [[Nazi Germany]] from 1938 to 1945.<ref>{{cite news |author=<!--Staff writer(s); no by-line.--> |title=Expert Appointed by Vatican to Probe Bank Scandal Said to Be an Ex-Nazi |url=https://www.jta.org/1982/12/31/archive/expert-appointed-by-vatican-to-probe-bank-scandal-said-to-be-an-ex-nazi |agency=[[Jewish Telegraphic Agency]] |date=December 31, 1982 |archive-date=2017-07-03 |archive-url=https://web.archive.org/web/20170703082731/http://www.jta.org/1982/12/31/archive/expert-appointed-by-vatican-to-probe-bank-scandal-said-to-be-an-ex-nazi |url-status=live}}</ref><ref>{{cite news |url=https://www.nytimes.com/1982/11/27/business/pope-vows-to-assist-bank-study.html |work=[[The New York Times]] |date=November 27, 1982 |title=Pope vows to assist bank study |last=Kamm |first=Henry |author-link=Henry Kamm}}</ref> There was much argument over who should take responsibility for losses incurred by the Old Ambrosiano's off-shore companies, and the [[Holy See]] (Vatican) eventually agreed to pay out a substantial sum without accepting liability.

In April 1992, [[Carlo De Benedetti]], former deputy chairman of Banco Ambrosiano, and 32 other people were convicted of fraud by a Milan court in connection with the bank's collapse.<ref name=RMN>{{cite news|title=Court Convicts Financier, 23 Others in Billion-Dollar Failure of Italian Bank|newspaper=[[Rocky Mountain News]]|date= April 17, 1992}}</ref> Benedetti was sentenced to six years and four months in prison.<ref name=RMN/> His sentence was overturned in April 1998 by the [[Court of Cassation (Italy)|Court of Cassation]].<ref>{{cite news|title=High court overturns conviction of Olivetti chairman in bank collapse|agency= [[Associated Press]]|date=April 22, 1998}}</ref>

In 1994, former Socialist Prime Minister [[Bettino Craxi]] was indicted in the Banco Ambrosiano case, along with [[Licio Gelli]], head of [[Propaganda Due]], and former Justice minister [[Claudio Martelli]].<ref>{{cite news|title=Former Italian premier indicted in bank scandal|newspaper=[[The Tampa Tribune]]| date= May 13, 1994 }}</ref> In April 1998, the [[Court of Cassation (Italy)|Court of Cassation]] confirmed Licio Gelli's 12-year sentence for the Ambrosiano crash.<ref name=12years>{{cite news|title=Top Italian fugitive Licio Gelli arrested in France|agency=[[Associated Press]]|date=September 10, 1998}}</ref>