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4mo ago

WEF Launches Probe into Founder Klaus Schwab Over Misconduct Allegations

The investigation follows Schwab's immediate resignation and whistleblower claims of financial misuse and governance failures under his leadership.

World Economic Forum (WEF) Founder and Chairman Klaus Schwab gives his welcoming remarks at the 55th annual World Economic Forum (WEF) meeting in Davos, Switzerland, January 21, 2025. REUTERS/Yves Herman/File Photo
Founder and executive chairman of the World Economic Forum Klaus Schwab delivers remarks at the Congress centre during the World Economic Forum (WEF) annual meeting in Davos on May 23, 2022. (Photo by Fabrice COFFRINI / AFP) (Photo by FABRICE COFFRINI/AFP via Getty Images)
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Overview

  • The World Economic Forum (WEF) has initiated an independent investigation into whistleblower allegations against its founder, Klaus Schwab, and his wife, Hilde Schwab.
  • The anonymous letter, reportedly from current and former WEF employees, accuses the Schwabs of misusing organizational funds for personal expenses, including luxury travel and private property use.
  • Schwab resigned as chair and trustee with immediate effect after the board unanimously supported the decision to open the investigation.
  • The WEF emphasized that the allegations remain unproven pending the outcome of the probe, which is being led by the Audit and Risk Committee with external legal counsel.
  • Schwab has denied all accusations, claims the letter contains falsehoods, and intends to pursue legal action against those behind the allegations.