Werner Hoyer has described corruption allegations by the European Public Prosecutor’s Office as “absurd and baseless”.

European Public Prosecutor’s Office One has started Investigation against former president of European Investment Bank (EIB)Werner Hoyer, of course Corruptionabuse of influence and embezzlement of EU funds. The EIB is Europe’s lending arm and the largest multilateral development lender.

Hoyer, 72, has denied the allegations “absurd and baseless”. The economist had two positions at the EIB and his work was fundamental in guiding operations towards a more ecological agenda, he was succeeded by Nadia CalvinoFormer vice president of the Spanish government, at the end of her second term last year.

“The allegations made against me are obviously absurd and unfounded. I now hope that they will be thoroughly investigated and clarified and I ask the EIB to cooperate fully with the European Public Prosecutor’s Office. I also I am fully cooperating with the European Public Prosecutor’s Office and I demand that the facts be fully clarified from there,” Hoyer told the FT.

Hoyer’s lawyer, Nikolaos Gazias, said the matter under investigation is related to Compensation awarded to a deceased EIB employee. “From a legal point of view, you have to know that the legal requirements for opening a criminal investigation by the European Public Prosecutor’s Office are very low,” Gazias said.

“So, it is not unusual from a legal perspective for a signatory to an agreement to also be the subject of an investigation. My client never participated in talks upon the employee’s departure,” he said. For its part, an EIB spokesman declined to comment on whether Hoyer is one of the people under investigation and said the bank would “fully cooperate” with the European Public Prosecutor’s Office in the case.

The European Public Prosecutor’s Office announced on Monday that the EIB has accepted Extend immunity to two of your former employeesas well as the inviolability of its facilities and archives in Luxembourg, at the request of the Public Prosecutor’s Office, within the framework of an investigation into two individuals suspected of corruption, influence peddling and embezzlement of European funds. It was the European Anti-Fraud Office (OLAF) that alerted the European Public Prosecutor’s Office, which reported the investigations in a statement but did not provide further details about them so as not to “jeopardise the outcome of the investigation.”