Allegations Arise Against WEF Founder Klaus Schwab Over Misuse of Funds

The founder of the World Economic Forum (WEF), Klaus Schwab, unexpectedly announced his resignation on Easter Sunday, leading to questions about his successor. Currently, Peter Brabeck-Letmathe, an Austrian executive and former CEO of Nestlé, is stepping in as the interim leader. Brabeck-Letmathe, who has been involved with the WEF for 25 years, previously served as the deputy chairman of its board.

As the organization navigates this leadership transition, it faces serious allegations concerning Schwab and his wife, Hilde. Recent reports suggest that an anonymous letter was submitted to the WEF board, detailing severe accusations against the 87-year-old economist and his spouse. According to the Wall Street Journal, the couple is alleged to have misappropriated WEF funds for personal use. The letter claims Schwab pressured staff to withdraw thousands of dollars in cash for his personal expenses, while his wife reportedly charged lavish trips to the WEF.

A collective of current and former employees of the WEF has expressed concerns over what they describe as systemic failures in governance and abuse of power under Schwab's leadership. They stated, 'We feel compelled to release a comprehensive report on the systematic shortcomings in corporate governance and the power abuses that have occurred over many years under the unchecked authority of Klaus Schwab.'

These allegations appear to have prompted an extraordinary meeting of the WEF board during the holiday, where it was decided to initiate a formal investigation into the claims. Schwab has publicly rejected the allegations and has indicated his intention to fight the accusations through legal channels.

As the investigation unfolds, the WEF's future direction and leadership will be closely scrutinized, particularly regarding the integrity and accountability of its operations.