The former president of the European Investment Bank (EIB), Werner HoyerAnd investigated for the crimes of corruption, abuse of influence And misappropriation of EU funds. The news was communicated by the European Public Prosecution Office (EPPO), with investigations which concern some economic movements carried out during the period of his presidency, between 2012 and 2023. Hoyer has rejected all the accusations against him, calling them absurd and ensuring collaboration with the investigative authorities.
Werner Hoyer investigated for corruption
What pushed Hoyer onto the list of suspects was a report from Olaf, the EU anti-fraud agency, which subsequently highlighted the case to the European Prosecutor’s Office. Eppo, which deals with cases of incorrect use of European funds, obtained from the EIB the elimination of the immunity of two of its former employees, so as to be able to carry out searches in the offices. The name of Werner Hoyer was not initially revealed by the prosecutors, with the person directly involved who independently specified that he was among those under investigation for an investigation concerning the cash compensation paid to another outgoing bank employee, who he had signed as president. In this procedure, according to what Hoyer said, “the indications of the department dealing with the matter and of the general secretary of the EIB” would have been followed.
Hoyer declares himself ignorant of the facts
Werner Hoyerwho is a German economist and Free Democratic Party politician, called the charges against him “decidedly absurd and unfounded“, but he nevertheless declared himself willing to collaborate with the investigative authorities to highlight his non-involvement in the facts alleged against him. His lawyer, Nikolaos Gazeas, then stated that his client had to sign the agreement in question, but he was not involved in the negotiations having instead acted on the basis of a memo submitted to him by other managers. They assured Hoyer that the agreement had been legally approved and subjected to all checks.
What is the European Investment Bank
There European Investment Bank is the division that deals with credit on behalf of the European Union and is the largest multilateral credit institution in the world (over 500 billion euros). Headquartered in Luxembourg, the EIB is a joint property of EU countries (they are shareholders) which pursues three main objectives:
- increase Europe’s potential in terms of jobs and growth;
- support initiatives aimed at mitigating climate change;
- promote EU policies beyond its borders.
The EIB provides loans at extremely advantageous conditions for projects that support the objectives of the European Union, with 90 percent of the loans themselves being given within the borders of the Union. Loans higher than 25 million are disbursed directly, while for smaller sums, lines of credit are opened for financial institutions which in turn grant funds to applicants.
What are European funds
THE funds Europeans, also known as Structural and Investment Funds (ESI Funds), represent the primary financial instruments used to manage the European Union’s regional policy. Their aim is to support investments for economic development, sustainable growth and a reduction of gaps between and within countries. The funds’ resources are distributed with a seven-year program approved by the EU member countries.
