WEF Confirms Probe Into Ex-Chair Schwab

The World Economic Forum (WEF) announced on Wednesday it has initiated an investigation into its founder and former Chair, Klaus Schwab. This comes a day after Schwab stepped down from his position, amidst swirling allegations of financial misconduct.

Whistleblower Letter Sparks Investigation

The WEF disclosed that the probe was triggered by a whistleblower letter alleging misconduct by Schwab. While the organization refrained from detailing the allegations, it emphasized the investigation's alignment with its fiduciary duties, following consultations with external legal counsel.

Allegations of Misappropriation and Personal Gain

Following the WEF's statement, a report by the Wall Street Journal surfaced, accusing Schwab and his wife, Hilde, of misusing WEF funds for personal benefits. The report suggests a lack of proper oversight allowed the mixing of personal affairs with the Forum's resources.

The WEF's board of trustees reportedly convened an emergency meeting last Sunday, leading to the decision to investigate the allegations and Schwab's immediate resignation.