Former President of the European Investment Bank Under Investigation

Written by Kathrine Frich

Jun.25 - 2024 9:24 PM CET

Photo: Shutterstock
Photo: Shutterstock
The investigation stems from a compensation payment authorized by Hoyer.

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Werner Hoyer, the former President of the European Investment Bank (EIB), is under investigation by the European Public Prosecutor's Office (EPPO) for allegations of corruption, abuse of influence, and misappropriation of EU funds, according to Ziare.

The investigation stems from a compensation payment authorized by Hoyer for a former EIB employee, according to his lawyer Nikolaos Gazeas.

Not Uncommen

Gazeas explained that it was standard procedure for the EIB's Director-General of Human Resources and Secretary-General to discuss and agree upon a termination agreement and compensation package for the employee.

Hoyer subsequently approved the decision, which is now under scrutiny by EPPO.

Hoyer's legal representative emphasized that it is not uncommon for signatories of such agreements to be subject to investigation under minimal legal requirements.

Denial of Allegations and Call for Cooperation

In response to the investigation, Hoyer has vehemently denied the allegations, labeling them as "completely absurd and unfounded."

At 72 years old, Hoyer led the EIB from 2012 until the end of 2023, overseeing significant financial operations within the European Union.

He has called for a comprehensive clarification of the accusations and urged full cooperation between the EIB and EPPO to resolve the matter.

Legal and Institutional Response

The EIB has agreed to waive the immunity of Werner Hoyer and another former employee, both based in Luxembourg, in order to facilitate a thorough investigation into the allegations.

This move was explicitly requested by Hoyer himself to address the accusations transparently.

As the legal proceedings unfold, the scrutiny on Hoyer underscores the challenges and accountability faced by high-ranking officials in European financial institutions.