The European Prosecutor's Office is investigating former EIB chief Werner Hoyer for corruption

The European Prosecutor's Office is investigating the former president of the European Investment Bank, Werner Hoyer, Politico reported.

Its investigation includes "two individuals suspected of corruption and abuse of influence, as well as misappropriation of EU funds".

Werner Hoyer, who stepped down as EIB president at the end of last year, is facing a corruption case, his lawyer has confirmed.

In recent months, police officers from Germany and Luxembourg have seized material related to the investigation. Officers also searched Hoyer's home.

He denied any wrongdoing through his lawyer, who said the prosecution's investigation focused on the departure of an EIB employee and the compensation paid to him in that regard. Heuer signed the severance package in accordance with EIB rules, making him subject to the review, even though he was not involved in the negotiations, the German's legal team argued.

The investigation began after the EU's anti-fraud agency OLAF flagged the case to the European Public Prosecutor's Office, which has investigative powers to investigate cross-border cases, bring potential perpetrators to justice and seek compensation for EU interests.

A spokesman for the European Public Prosecutor's Office said it would not comment on an ongoing investigation.

The Luxembourg-based EIB functions as the EU's credit arm and plays an important role in driving development and integration across the bloc by offering loans, guarantees and investments in the public and private sectors.

Established in 1958, the EIB has played an important role in supporting the European economy following the Covid-19 pandemic and supports EU policies in over 160 countries. | BGNES