Media: World Economic Forum may move from Davos to US or Singapore

The likelihood of the World Economic Forum (WEF) moving its venue from Davos, Switzerland to Singapore or the United States is growing after the resignation of its founder Klaus Schwab as chairman of the organization and the launch of an investigation into him, according to the Aargauer Zeitung newspaper, Report informs.

On April 21, the WEF announced that 88-year-old Schwab had resigned from his post. Later, the Wall Street Journal wrote that the forum's board of trustees had launched an investigation into the former chairman due to possible financial fraud and ethical misconduct, including on the part of his wife.

"Schwab fought on the foundation's board for (preserving) the tradition of holding annual meetings in Davos. Only in 2002, after the September 11 terrorist attack, it (one of the annual meetings) was moved to New York as a sign of solidarity. Now a movement has emerged on the foundation's board that offers other options, such as Singapore. Interestingly, the president of Singapore is on the WEF's board of trustees. But US cities are also possible instead of Davos," the article says.

The scandal that began after the departure of the WEF founder will most likely prevent the candidate supported by Schwab from winning the fight for his successor, the newspaper believes.