The catholic church of Port-Louis, known to strongly oppose gambling, has been reported to have bought shares from the Lottotech. When faced with this apparent contradiction, the bishop of the church clarified the matter, stating that the shares will be resold to the gambling company.
Church of Port-Louis buying shares from Lottotech, true or false?
The bishop of Port-Louis would strongly condemn gambling because of the empoverishment of the population that would result from it. However, rumour has it that he bought some shares from the company Lottotech. Responding to these claims, he said that he was unaware of this transaction.
Lack of coordination between church and investment firm led to the buying of the shares
According what has been reported, the catholic church owns shares that have been given by people for years. This financial input helps them do the maintenance of the infrastructure of the church. The said bishop says that experts in the domain, namely IPRO (Investment Professionals), are in charge of these transactions. The IPRO has invested in the Lottotech without having consulted the bishop beforehand. The church administration further stated that a lack of coordination between the bishop and the firm has led to such a state of affairs. The conditions that had been agreed upon by the church and the IPRO was not to invest in companies dealing with arms or in money laundering. Gambling was not mentioned.
Remediating the situation: reselling the shares back to Lottotech
Now, the bishop has stated that he has requested to the IPRO not to invest in gambling, alcohol and cigarettes. He has also told the firm to re-sell the shared to Lottotech.