WEF confirms investigation into claims against founder Schwab

WEF confirms investigation into claims against founder Schwab
(FILES) World Economic Forum founder and chairman Klaus Schwab attends a session during the World Economic Forum (WEF) annual meeting in Davos on January 21, 2025.(AFP)
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Updated 23 April 2025

WEF confirms investigation into claims against founder Schwab

WEF confirms investigation into claims against founder Schwab
  • Schwab had already stepped down as executive chairman last year

GENEVA: The World Economic Forum confirmed Wednesday that it has launched an investigation into allegations made against its founder Klaus Schwab that reportedly prompting his resignation this week.
In a statement confirming a report by the Wall Street Journal, the WEF said its board of trustees "unanimously supported the Audit and Risk Committee's decision to initiate an independent investigation following a whistleblower 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 with immediate effect.
In the first statement, the WEF's board hailed Schwab's "outstanding achievements" in his 55 years in charge.
But the WSJ reported that the decision had been prompted by a board decision to investigate allegations of financial and ethical misconduct by the longtime leader and his wife Hilde.
Schwab denies the claims, the paper added.
The letter, said to have been sent by anonymous current and former WEF staff, "included allegations that Klaus 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," wrote the WSJ, which said it had seen the letter and spoken with people familiar with the case.
"It also alleged that his wife Hilde, a former Forum employee, scheduled 'token' Forum-funded meetings in order to justify luxury holiday travel at the organisation's expense," the paper said.

The letter also reportedly raised concerns about how Schwab treated female employees, and how his decades-long leadership allegedly allowed instances of sexual harassment and discriminatory behaviour to go unchecked.
Schwab could not immediately be reached for comment but according to the paper, he had vehemently denied all the allegations and warned board members he would sue if they pursued an investigation.
Despite this, the board of trustees decided at an emergency meeting on Sunday to open a probe, and Schwab opted to resign immediately.
In its statement Wednesday, WEF stressed that its decision "was made after consultation with external legal counsel and in line with the Forum's fiduciary responsibilities".
"While the Forum takes these allegations seriously, it emphasises that they remain unproven, and will await the outcome of the investigation to comment further."
Schwab had already stepped down as executive chairman last year, with Norway's former foreign minister Borge Brende taking over daily management.
A few weeks ago, the 87-year-old Schwab said he would step down as non-executive chairman but with the handover lasting until January 2027.
WEF has said that vice chairman Peter Brabeck-Letmathe will serve as interim chairman as a search committee looks for a permanent replacement for Schwab.


Venezuela’s Maduro decries ‘coups d’etat orchestrated by the CIA’

Venezuela’s Maduro decries ‘coups d’etat orchestrated by the CIA’
Updated 10 sec ago

Venezuela’s Maduro decries ‘coups d’etat orchestrated by the CIA’

Venezuela’s Maduro decries ‘coups d’etat orchestrated by the CIA’

CARACAS: Venezuelan President Nicolas Maduro on Wednesday decried what he called “coups d’etat orchestrated by the CIA” shortly after US counterpart Donald Trump said he was considering strikes against Venezuelan cartels on land.
“No to war in the Caribbean...No to regime change...No to coups d’etat orchestrated by the CIA,” the leftist leader said in an address to a committee set up after Washington deployed warships in the Caribbean for what it said was an anti-drug operation.
Trump said Wednesday he was mulling attacks on land after deadly strikes at sea sunk Venezuelan boats alleged to be transporting narcotics.
At least 27 people have been killed in the US Caribbean attacks so far.
After another boat was struck, Maduro on Wednesday ordered military exercises in the country’s biggest shantytowns and said he was mobilizing the military, police and a civilian militia to defend Venezuela’s “mountains, coasts, schools, hospitals, factories and markets.”
Trump has claimed they are “narcoterrorists” without providing evidence.
The US leader accuses Maduro of heading a drug cartel — charges he denies. In August, Washington doubled a bounty for information leading to Maduro’s capture to $50 million.
The Venezuelan leader is widely accused of having stolen elections last year.


UK Prime Minister Starmer publishes key witness statements in China spy case

UK Prime Minister Starmer publishes key witness statements in China spy case
Updated 5 min 10 sec ago

UK Prime Minister Starmer publishes key witness statements in China spy case

UK Prime Minister Starmer publishes key witness statements in China spy case
  • Starmer counters accusation that government sabotaged spy case
  • Opponents accuse PM of cover-up and other failures

LONDON: British Prime Minister Keir Starmer on Wednesday published a senior official’s evidence in the prosecution of two men charged with spying for China, seeking to demonstrate that the case did not collapse because of government manipulation.
In an unexpected move last month, Britain’s Crown Prosecution Service dropped charges against two British men who had denied passing politically sensitive information to a Chinese intelligence agent.
The CPS said the case was dropped because it needed evidence showing that the UK considered China a threat to national security, but the government had not provided it after months of requests.
While the newly published documents detailed Chinese malign activity, they did not unequivocally state that China posed a threat to UK national security.

Starmer had earlier said the fault lay with the previous Conservative administration which was in power when the men were charged and which had only described Beijing as an “epoch-defining challenge.”
The trial’s collapse has led to accusations from opposition parties that the government was responsible because it did not want to jeopardize ties with China.
Seeking to draw a line under the issue on Wednesday, Starmer published witness statements by Britain’s Deputy National Security Adviser Matthew Collins, which the prime minister said were made without involvement from ministers or political advisers.
In a document dated February 21, Collins said: “China and the UK both benefit from bilateral trade and investment, but China also presents the biggest state-based threat to the UK’s economic security.”
A statement dated August 4 contained a section on the government’s assessment of the threat from China, including details of what he called the “active espionage threat that China posed to the UK.”
A subsequent section in that document added: “It is important for me to emphasize, however, that the UK Government is committed to pursuing a positive relationship with China to strengthen understanding, cooperation and stability.

‘Stinks of a cover-up’ say opponents
Kemi Badenoch, the leader of the main opposition Conservative Party, had earlier told parliament: “This all stinks of a cover-up.”
Starmer’s office said he was told the case was in danger of collapsing a couple of days before it happened but that it would have been inappropriate to intervene.
A Conservative Party spokesperson responded to the release of the documents: “What has already been published shows the extent of the threat that China poses to the UK, and makes it all the more shocking that the Prime Minister knew of the imminent collapse of this trial, but did nothing to stop it.”
The first witness statement from December 2023 said one of the men was allegedly passing on information to China about who was briefing former Prime Minister Rishi Sunak on China. 


Trump says Modi has assured him India will not buy Russian oil

Trump says Modi has assured him India will not buy Russian oil
Updated 33 min 10 sec ago

Trump says Modi has assured him India will not buy Russian oil

Trump says Modi has assured him India will not buy Russian oil
  • Indian embassy in Washington has not yet confirmed agreement
  • Trump says India cannot halt Russian shipments ‘immediately’

WASHINGTON: US President Donald Trump said on Wednesday that Indian Prime Minister Narendra Modi has pledged to stop buying oil from Russia, and Trump said he would next try to get China to do the same as Washington intensifies efforts to cut off Moscow’s energy revenues.
India and China are the two top buyers of Russian seaborne crude exports, taking advantage of the discounted prices Russia has been forced to accept after European buyers shunned purchases and the US and the European Union imposed sanctions on Moscow for its invasion of Ukraine in February 2022.
Trump has recently targeted India for its Russian oil purchases, imposing tariffs on Indian exports to the US to discourage the country’s crude buying as he seeks to choke off Russia’s oil revenues and pressure Moscow to negotiate a peace deal in Ukraine.
“So I was not happy that India was buying oil, and he assured me today that they will not be buying oil from Russia,” Trump told reporters during a White House event.
“That’s a big step. Now we’re going to get China to do the same thing.”
The Indian embassy in Washington did not immediately respond to emailed questions about whether Modi had made such a commitment to Trump. Russia is India’s top oil supplier. Moscow exported 1.62 million barrels per day to India in September, roughly one third of the country’s oil imports. For months, Modi resisted US pressure, with Indian officials defending the purchases as vital to national energy security.
While imports from other producers would likely cost India more, lower oil prices would temper the impact. Benchmark Brent crude futures hit a five-month low on Wednesday on concerns about a growing surplus in the market.
A move by India to stop imports would signal a major shift by one of Moscow’s top energy customers and could reshape the calculus for other nations still importing Russian crude. Trump wants to leverage bilateral relationships to enforce economic isolation on Russia, rather than relying solely on multilateral sanctions.
The announcement comes just days after Trump’s new pick for Indian ambassador, Sergio Gor, met with Modi.
The two discussed defense, trade and technology issues. The appointment of Gor, a close confidant to Trump, was widely seen as a positive move for the US-India bilateral relationship.
During his comments to reporters, Trump added that India could not “immediately” halt shipments, calling it “a little bit of a process, but that process will be over soon.”
Despite his push on India, Trump has largely avoided placing similar pressure on China. The US trade war with Beijing has complicated diplomatic efforts, with Trump reluctant to risk further escalation by demanding a halt to Chinese energy imports from Russia.
Trump imposed a 25 percent tariff on India this summer after the two countries failed to reach an initial trade agreement. He followed up with an additional 25 percent because of the country’s purchases of Russian oil. India chafed at the move because no other top purchasers of Russian oil, like China or Turkiye, were hit with similar tariffs.


Trump considering strikes on land against Venezuela cartels

Trump considering strikes on land against Venezuela cartels
Updated 15 October 2025

Trump considering strikes on land against Venezuela cartels

Trump considering strikes on land against Venezuela cartels
  • US has recently laucnhed strikes at sea against alleged drug-carrying boats

WASHINGTON: US President Donald Trump said Wednesday he was considering strikes targeting Venezuelan cartels on land, after a series of deadly strikes at sea against alleged drug-carrying boats.
“We are certainly looking at land now, because we’ve got the sea very well under control,” Trump told reporters in the Oval Office, when asked if he was weighing strikes on land.
But Trump declined to confirm a New York Times report that he had secretly authorized the CIA to conduct covert action in Venezuela against the administration of President Nicolas Maduro.
Asked if he had given the CIA authority to “take out” Maduro, Trump replied: “That’s a ridiculous question for me to be given. Not really a ridiculous question, but wouldn’t it be a ridiculous question for me to answer?”
Trump said on Tuesday that another strike on boats allegedly transporting drugs from Venezuela had killed six “narcoterrorists.”
At least 27 people have been killed so far in such attacks. Experts question the legality of using lethal force in foreign or international waters against suspects who have not been intercepted or questioned.
Colombia’s President Gustavo Petro has said he believes some of those killed were Colombian.


Legal battle looms over Nepal’s post-uprising interim government

Legal battle looms over Nepal’s post-uprising interim government
Updated 15 October 2025

Legal battle looms over Nepal’s post-uprising interim government

Legal battle looms over Nepal’s post-uprising interim government
  • Youth-led protests over economic hardship and corruption in September forced the government’s collapse
  • A day after the dissolution, leaders of eight political parties calrrg for the reinstatement of parliament

KATMANDU: Petitions have been filed in Nepal’s Supreme Court challenging the formation of an interim government and the dissolution of parliament following last month’s uprising, a court official said Wednesday.
The youth-led protests, which erupted on September 8 over a brief social media ban, economic hardship and corruption, quickly morphed into nationwide fury after a deadly crackdown.
Two days of violence left at least 73 people dead, the parliament and government offices burned down, and forced the government’s collapse.
Former chief justice Sushila Karki, 73, was nominated as prime minister and the parliament was dissolved shortly after.
But the legality of those moves is now under scrutiny.
“Eleven petitions have been filed stating that the formation of the new interim government and the dissolution of the lower house is unconstitutional,” Nirajan Pandey, the court’s information officer told AFP.
Pandey said procedures were underway to register the petitions, after which hearings would be scheduled.
A day after the dissolution, leaders of eight political parties issued a joint statement calling for the reinstatement of parliament.
“It was not envisioned in the constitution that such a situation would arise,” lawyer Dinesh Tripathi said.
“It is a challenge, but the court will decide.”
KP Sharma Oli, the 73-year-old Marxist who served as prime minister four times before his ouster, has called for the reinstatement of the parliament “that was unconstitutionally dissolved,” in an address to supporters earlier this month.
The Supreme Court building was also damaged by fire during the protests, and only resumed full operations on Tuesday, with many sections operating under a tent.