The former President of the European Investment Bank, Werner Hoyer, is currently under investigation by the EU’s public prosecutor for corruption and misappropriation. Hoyer has denied these allegations, calling them “absurd and unfounded”. He has stated that he will fully cooperate with the probe by the European Public Prosecutor’s Office (EPPO) which relates to compensation paid to a former EIB employee. Hoyer stepped down from his position at the end of 2023 after serving two six-year terms, to be replaced by Spain’s Nadia Calviño. The EIB has lifted the immunity of two unnamed former employees in connection with the investigation.
Hoyer’s lawyer, Nikolaos Gazeas, has explained that the probe relates to a staff agreement signed by Hoyer while he was President, although he had no part in negotiating the agreement. Gazeas also noted that the legal requirements for launching a criminal investigation by the EPPO are very low, stating that it is not unusual for a signatory to become the subject of an investigation. The accusations made against Hoyer are currently being investigated by the EPPO, and the EIB has stated that they will cooperate with prosecutors in line with usual practice. The EPPO has also taken an interest in allegations regarding contracts signed between the European Commission and vaccine maker Pfizer.
The European Investment Bank (EIB) is an EU institution with a capital of €250 billion that is backed by the bloc’s finance ministries. The bank focuses on priority areas such as climate change and Ukraine’s reconstruction, according to Nadia Calviño, Hoyer’s successor. The EIB provides financial support for projects that promote sustainable development and economic growth within the EU and beyond. Calviño has emphasized the importance of transparency and accountability within the EIB to ensure that funds are used effectively and in accordance with EU regulations.
The EPPO was launched in 2021 to investigate issues such as farm subsidy fraud but has since expanded its scope to include cases of corruption and abuse of influence. The EPPO has the authority to investigate crimes that affect the financial interests of the EU and its institutions, including the EIB. The investigation into Hoyer and the two unnamed former EIB employees is ongoing, and all individuals involved are considered innocent until proven guilty. The EPPO has the power to request access to premises and records in connection with its investigations to gather evidence and build a case against suspects.
Hoyer has insisted that the allegations against him are baseless and has expressed his expectation that the truth will come to light through the investigation process. He has reiterated his willingness to cooperate fully with the EPPO and has called on the EIB to do the same. Hoyer’s lawyer has emphasized that his client is innocent until proven guilty and has highlighted the legal standards required for the EPPO to initiate a criminal investigation. The outcome of the investigation will determine whether there is any truth to the accusations levied against Hoyer and the former EIB employees. The EIB’s cooperation with the EPPO’s investigation will be crucial in ensuring that justice is served and that the truth is revealed.
