The World Economic Forum (WEF) in Davos has initiated an investigation into its founder and former chairman, Klaus Schwab, following allegations of misuse of funds made by an anonymous whistleblower.
The allegations surfaced in an anonymous letter, reportedly delivered last week to the board of the prestigious organisation, known for its annual gathering for the global economic and political elite.
The tip off claimed that Schwab and his wife used WEF funds for personal expenses, including massages and luxury travel, as reported by The Wall Street Journal.
A spokesperson for the Schwab family has denied all allegations, stating they are considering legal action against unknown individuals spreading falsehoods.
Following the letter, the WEF’s board of directors convened an emergency meeting on Easter, deciding that Schwab would step down as chairman immediately, rather than after a planned transition period. Previously, the 87-year-old had already resigned from his operational roles.
An internal investigation has also been launched. "We are taking the allegations seriously, but they are not proven," a WEF spokesperson said on Wednesday.
