The Vatican was “utterly let down” by a financier over the purchase of a luxury London property that left the city state facing more than €100 million ($105 million) in losses, a London judge ruled.

The British High Court said the Vatican “had reason to consider itself utterly let down” in its experience with Raffaele Mincione, who had managed the money-losing investment for the Holy See for a number of years before another financier took over.