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Wednesday, October 5, 2022
HomeEconomyIDB Board unanimously recommends impeachment of president, says agency

IDB Board unanimously recommends impeachment of president, says agency

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The IDB (Inter-American Development Bank) board of directors voted unanimously on Thursday (22) to recommend the removal of President Mauricio Claver-Carone, a source told Reuters. The executive is accused of having an intimate relationship with a member of his team.

The board’s decision followed an independent investigation by law firm Davis Polk, which found evidence to support the allegations against the executive.

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The IDB’s board will make a final decision next week on the removal of the president of Latin America’s largest development bank, the source said. Removing Claver-Carone, a Trump-era candidate who took office in October 2020, requires a majority of the board’s total votes, according to the institution’s rules. The bank’s three largest shareholders — the United States, Argentina and Brazil — together hold almost 53% of the voting power.

The directors will begin discussing the issue on Friday (23), one of the sources said.

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In addition to the evidence, Claver-Carone’s “immense” lack of cooperation with the investigation also worried the directors, says a person familiar with the discussions.

The Cuban-American chief’s actions during the investigation, including his refusal to hand over a cell phone issued by the bank and his criticism of the investigation on the institution’s website, contributed to a “toxic” situation, the source added.

Prior to joining the IDB in 2020, Claver-Carone worked with Trump as director for Western Hemisphere issues at the National Security Council.

The IDB is a development bank that, although much smaller than the International Monetary Fund or the World Bank, is important in Latin America.

He was responsible for $23.4 billion in financing and other financial commitments for Latin America and the Caribbean in 2021, according to bank data.

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