Media: planet economical Forum can decision from Davos to the US

The likelihood of moving the planet economical Forum (WEF) from Swiss Davos to Singapore or the US is expanding after the founder of Klaus Schwab stepped down from his position as president and an investigation was initiated in his case, reported the paper Aargauer Zeitung.

The WEF reported on Monday that 88-year-old Schwab resigned. The Wall Street diary later wrote that the Forum's board of trustees had launched an investigation into the erstwhile president due to possible financial and ethical frauds, including from his wife.

"Schwab fought on the board of the foundation to keep the tradition of holding yearly meetings in Davos. Only in 2002, after the September 11 attacks, it was (one of the yearly meetings) transferred to fresh York City as a sign of solidarity. Now there is simply a current on the board of the foundation that suggests another options, specified as Singapore. Interestingly, the president of Singapore is simply a associate of the WEF Trust Board. But American cities are besides possible alternatively of Davos," the article says.

The scandal, which began after the founder of the WEF left, would likely prevent a candidate favored by Schwab from winning the race for his successor, reported the newspaper.
Any postponement of the forum would be "a shock" to local residents due to the economical benefits of its organisation, although they consistently complained about the inconveniences associated with it," the paper stated.

The Wall Street diary had previously reported that the board of trustees received an anonymous letter of charges last week. It claims that Klaus Schwab asked Forum staff to pay him cash from ATMs and utilized forum funds for individual usage – for example by paying them for massages in hotel rooms. In addition, the letter shows that his wife Hilda was organizing “symbolic” events at the WEF to justify the usage of funds for costly holidays.

The planet economical Forum in Davos (WEF, planet economical Forum) is an global public-private cooperation organization founded by Klaus Schwab in 1971. Its members are about a 1000 large companies and organizations from around the world.