WEF confirms probe on Schwab

THE World Economic Forum (WEF) confirmed yesterday that it had launched an investigation into allegations made against its founder, Klaus Schwab, that reportedly prompted his resignation this week.

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In a statement confirming a report by the Wall Street Journal (WSJ), the WEF said its board of trustees "unanimously supported the Audit and Risk Committee's decision to initiate an investigation following a whistle-blower letter containing allegations against former chairman Klaus Schwab".

The WEF, which hosts the annual meeting of wealthy, famous and influential global elites at the luxury Swiss ski resort of Davos, initially provided no explanation when it announced Monday that its longtime chairman had stepped down from the board.

In the first statement, the WEF's board hailed Schwab's "outstanding achievements" in his 55 years in charge.