Mandelson Faces Formal EU Anti-Fraud Investigation

Europe - Ekhbary News Agency

Lord Peter Mandelson, a former European trade commissioner, is now under formal investigation by the EU's anti-fraud office, Olaf. The probe focuses on allegations of misconduct during his four-year term from 2004 to 2008. Olaf confirmed it recently acquired "sufficient information" to initiate the investigation, though it remains too early to determine if fraud allegations are involved. This action stems from a request made by the European Commission two months prior to examine the claims.

Ekhbary News Agency reports that Olaf is expected to scrutinize exchanges between Lord Mandelson and the late Jeffrey Epstein during his time as an EU commissioner. Allegations include claims that Mandelson provided Epstein with advance notice of a €500bn eurozone bailout in 2010. Lord Mandelson, who later served as UK business secretary until 2010, has reportedly denied any criminal conduct or financial motivation. While Olaf can recommend sanctions, potentially including revoking his pension, it lacks prosecutorial powers, referring any criminal elements to the European Prosecutor's Office.