EBRD President Cleared After Probe On ‘Director Dossier’ Claims

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Yesterday, the head of the European Bank for Reconstruction and Development (EBRD) was cleared of allegations of wrongdoing, after the claims of member states that the lender inappropriately gathered data on some of their directors.

The bank confirmed that an external probe has exonerated Suma Chakrabarti, the president of the EBRD after the board members who are representing some of the 70 member governments of the bank made a complaint against him last May, Reuters reported last October.

An email that was sent to the employees of the bank last Thursday was seen by Reuters. In the said email, Chakrabarti wrote: “It is the Inquiry Officer’s assessment that the alleged misconduct did not occur.”

Chakrabarti said that the investigation had included interviews with dozens of witnesses and a “thorough examination” of the communications systems of the bank. He continued “These past few months have been very difficult for me personally.”

He added: “I am of course satisfied with the outcome.”

Reportedly, the complaint was triggered the external investigation that cleared Chakrabarti was sent after the board members allegedly received the documents in early May. The documents contained copies of the conversations between the president and executive committee.

The EBRD is owned by 67 governments. He invested around €10 billion (£8.87 billion) per year into North Africa and the Middle East, after being established in 1991 to help the Eastern Bloc transition to capitalism following the Cold War.