Klaus Schwab: troubled end to his reign at World Economic Forum

Thunder in Davos: the iconic founder of the World Economic Forum, quits the presidency at 87 against the backdrop of an internal investigation into malfeasance.

It all started with an anonymous letter, signed by current and former employees. It accuses Schwab and his wife of having used Forum resources for personal gain, without sufficient control.

The Wall Street Journal refers to withdrawals of cash by young employees, massages paid for with WEF funds, or suspicious renovations to a villa on Lake Geneva.

Schwab formally denies this, and his entourage speaks of “slander”. He promises to **prosecute the authors of these accusations.

The Forum Board of Directors held an emergency meeting on Easter Sunday and launched an investigation. The Forum assures that it **takes these accusations seriously, but reiterates that they are unproven.

The interim CEO is Peter Brabeck-Letmathe, former head of Nestlé. The Forum is trying to preserve its image, at a time when its founder is leaving the scene after more than 50 years of reign.

source: La Tribune