The World Economic Forum (WEF) said on Wednesday that it launched an investigation into its founder and former Chair Klaus Schwab, who stepped down from the position yesterday. The WEF said the probe was based on a whistleblower letter containing allegations against Schwab, but it declined to release more details. It said the move to open the investigation was made "after consultation with external legal counsel and in line with the Forum's fiduciary responsibilities."
The statement followed a report by the Wall Street Journal alleging that Schwab and his wife Hilde misappropriated WEF funds and used the organization for their personal gain, mixing "their personal affairs with the Forum’s resources without proper oversight." The report claimed the WEF's board of trustees held an emergency meeting on Sunday, deciding to open an investigation and prompting Schwab to resign immediately.
