Head of EBRD faces calls for investigation over director dossier

Louis Ashworth
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Suma Chakrabarti, president of the European Bank for Reconstruction and Development (Source: Getty)

The representatives of several member states have called for the president of the European Bank for Reconstruction and Development to face investigation, over claims the international lender broke rules by gathering information on some of its own directors.

Several members of the EBRD’s board complained about president Suma Chakrabarti’s conduct to its chief compliance officer in May, Reuters reported.

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“The President and ExCom (executive committee) members would seem to have put a repeated practice in place which involves collecting sensitive and personal information on Board Members,” said the complaint, a copy of which was seen by Reuters.

Sources said an investigation had been opened. The letter was sent after board members allegedly received documents in early May, which contained copies of conversations between the president and executive committee, and excerpts from bank reports which contained personal information.

The letter described the language used in parts of the documents as “rude, unethical and derogatory”.

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Chakrabarti declined to comment to Reuters, and the EBRD’s communications chief refused to comment on the authenticity of the documents.

The EBRD, based in London, was launched in 1991 with the aim of helping the Eastern Bloc transition to capitalism after the Cold War ended, but had since expanded into the Middle East and North Africa.

It is owned by 67 governments, who are represented on its board of directors, and invests around €10bn (£8.87bn) a year.

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