Its former president European Investment Bank (EIB), Werner Heueris under investigation for corruption and abuse of influence, as well as embezzlement of EU funds, allegations that Hoyer, 72, called absurd.

The European Public Prosecutor’s Office (EPPO), which investigates cases of misuse of EU funds, today announced the opening of the investigation, saying that the EIB, the lending arm of the European Union, has accepted the EPPO’s request to lift the immunity of two of its former employees and is conducting an investigation in its offices.

Hoyer, who was president of the EIB between 2012 and 2023, was not named by the prosecutor’s office, but he issued a statement through his lawyers saying he is one of those being investigated.

He claimed that the investigation concerns an allowance paid to another EIB employee, which he had signed when he was president following “the recommendation of the relevant department and the EIB Secretary General”.

“The allegations against me are completely absurd and baseless,” Heuer said, adding that he was fully cooperating with the European Public Prosecutor’s Office investigation and asked the EIB to do the same.

An EIB spokesman said: “We will cooperate fully with the European Public Prosecutor’s Office on this matter as required,” but would not comment on ongoing external investigations.