Latest news with #SonntagsZeitung
Time of India
22-07-2025
- Business
- Time of India
WEF spat heats up as founder Klaus Schwab denies misconduct
"I am in a position to refute all the accusations brought up against me," Schwab said in a statement, responding to a report in SonntagsZeitung. The Swiss newspaper said preliminary findings by Swiss law firm Homburger support allegations that Schwab manipulated economic reports published by the forum and submitted unjustifiably high expense claims. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads ZURICH: World Economic Forum founder Klaus Schwab denied allegations of misconduct that were reportedly substantiated by a formal investigation and accused the board of trustees of violating an agreement regarding media discretion on the matter."I am in a position to refute all the accusations brought up against me," Schwab said in a statement, responding to a report in SonntagsZeitung. The Swiss newspaper said preliminary findings by Swiss law firm Homburger support allegations that Schwab manipulated economic reports published by the forum and submitted unjustifiably high expense investigation, commissioned by the WEF's board of trustees, is examining a range of accusations against the 87-year-old, including claims he used the forum's resources for personal abruptly resigned from the WEF in April after the misconduct allegations emerged, sparking a clash with the board. A successor has yet to be figures linked to the role have included BlackRock Vice Chairman and former Swiss National Bank President Philipp Hildebrand , who joined the board of trustees in May, and European Central Bank President Christine Lagarde , who until recently was considered the top candidate by both Schwab and the organization, Bloomberg previously has said she first intends to complete her ECB term, which runs until October WEF board of directors is currently led by former Nestle Chairman Peter Brabeck-Letmathe on an interim his statement Sunday, Schwab said he made himself available for an interview with Homburger on July 15. He was told he would have access to a draft of the report to respond to the allegations. He has yet to see a draft, a spokesperson added in a separate statement."In this respect I feel deceived," Schwab said. "I am willing to defend my interests with all my strength, even in the context of a legal dispute."A WEF spokesperson declined to comment when contacted by Bloomberg, stating that the organization would respond once the investigation concludes, likely at the end of SonntagsZeitung report intensifies an ongoing dispute between Schwab and the board of trustees at WEF and comes just weeks after the two parties issued a joint statement claiming they were working toward "normalizing" their relationship and resolving the to excerpts cited by the newspaper, Homburger's investigation found that Schwab repeatedly intervened to influence country rankings in the WEF's Global Competitiveness Report for political investigation also scrutinized some 900,000 Swiss francs ($1.12 million) in expenses submitted by Schwab and his wife Hilde that allegedly lacked sufficient ties to WEF activities, the newspaper said.
Gulf Insider
22-07-2025
- Business
- Gulf Insider
World Economic Forum (WEF) Founder Denies He Fudged Data, Racked Up $1.1M In Expenses
Klaus Schwab, the 87-year-old architect of Davos and the WEF's global elite gatherings, slammed the organization's board of trustees on Sunday, accusing them of breaking a confidentiality deal by letting media outlets get wind of the allegations. 'I am in a position to refute all the accusations brought up against me,' Schwab said in a statement after Swiss newspaper SonntagsZeitung detailed preliminary findings from a law firm's probe. The investigation, conducted by Swiss law firm Homburger and ordered by the WEF's own board, reportedly found that Schwab interfered with the forum's flagship economic rankings to favor political allies and avoid controversy – and submitted 900,000 Swiss francs (about $1.1 million) in expenses that investigators say lacked proper justification. Three months ago we reported that Schwab was under investigation by the WEF after a whistleblower alleged financial and ethical misconduct by Mr. 'eat the bugs' and his wife. In an anonymous letter from sent to the board of directors by 'current and former Forum employees,' Schwab and his wife are accused of commingling their personal affairs with WEF resources without proper oversight, and much more… Among the most serious allegations: Schwab asked junior employees to withdraw thousands of dollars from ATMs on his behalf and used Forum funds to pay for private, in-room massages at hotels. His wife Hilde, a former Forum employee, scheduled 'token' Forum-funded meetings in order to justify luxury holiday travel at the organization's expense. The letter also raises concerns about how Klaus Schwab treated female employees and how his leadership over decades allegedly allowed instances of sexual harassment and other discriminatory behavior to go unchecked in the workplace Other allegations include the Schwab family's use of Villa Mundi – a luxury property bought before the pandemic by the Forum located next to the organization's Geneva headquarters, which the whistleblower letter maintains that Hilde Schwab maintains tight control over, and which the forum paid $30 million to purchase and another $20 million to renovate – also overseen by Hilde. Schwab says he paid the WEF back for said 'in-room massages', and denied the allegations about luxury travel and withdrawing funds. According to the WEF, its board unanimously supported the decision to launch an independent investigation 'following a whistleblower letter containing allegations against former Chairman Klaus Schwab. This decision was made after consultation with external legal counsel.' Schwab abruptly resigned from the WEF in April after the allegations surfaced. A replacement has yet to be named. The report claims Schwab personally intervened to tweak the WEF's Global Competitiveness Report to protect ties with key leaders like Indian Prime Minister Narendra Modi. In 2017, Schwab allegedly ordered a delay in releasing the rankings to avoid souring relations with India, whose score took a dive. He also reportedly advised holding back on boosting the UK's ranking to avoid giving ammo to Brexit supporters. In another incident in 2022, Schwab allegedly shared draft rankings with an unnamed country official whose position slipped, pushing to kill that year's report entirely. The WEF later blamed the cancellation on COVID-related disruptions. Schwab insists he's been deceived, saying he offered to sit for an interview with investigators on July 15 and was promised a chance to review the findings before any conclusions were published. 'In this respect I feel deceived,' he said. 'I am willing to defend my interests with all my strength, even in the context of a legal dispute.' The WEF stayed tight-lipped when contacted by Bloomberg, saying only that it would comment once the probe concludes, likely by late August. Sunday's revelations ramp up an already heated battle between Schwab and his former colleagues. Just weeks ago, the WEF and its founder released a joint statement claiming they were working to 'normalize' their strained relationship. But with accusations of data manipulation and lavish spending now in the open, that détente looks increasingly shaky. Source Zero Hedge
