The EU's anti-fraud office has begun a formal investigation into Lord Peter Mandelson, who was sacked as UK ambassador to the US due to ties to the late sex offender Jeffrey Epstein.
Lord Mandelson, who served as European trade commissioner from 2004 to 2008, is under scrutiny as the European Commission requested the European Anti-Fraud Office (Olaf) to examine allegations of misconduct during that period.
Olaf confirmed on Friday that it had received 'sufficient information' to initiate the investigation, although it is too early to determine if allegations of fraud are part of it.
The investigation will consider exchanges with Epstein from Mandelson's time as EU commissioner, but it will also look into emails that surfaced related to the eurozone crisis in 2010. Allegations suggest Mandelson provided Epstein with insider information regarding an anticipated €500 billion bailout during the financial crisis, a claim he vehemently denies.
Mandelson has yet to formally respond to the allegations, but sources indicate he claims not to have acted with criminal intent and insists motivations were not financially driven. Olaf clarified that while it cannot prosecute, it will forward criminal findings to the European Prosecutor's Office.
Olaf's investigative purview encompasses fraud allegations affecting the EU budget, corruption, and serious misconduct within EU institutions. Should it conclude misconduct, it can recommend sanctions, including potentially revoking Mandelson's pension.
The investigation is particularly sensitive given Mandelson's prior role and the implications of the Epstein connection, which has caused a stir in UK's political landscape following his dismissal from the ambassador role in late 2025. As the inquiry progresses, it may reveal further complexities surrounding the interactions between high-ranking officials and controversies tied to Epstein.
Lord Mandelson, who served as European trade commissioner from 2004 to 2008, is under scrutiny as the European Commission requested the European Anti-Fraud Office (Olaf) to examine allegations of misconduct during that period.
Olaf confirmed on Friday that it had received 'sufficient information' to initiate the investigation, although it is too early to determine if allegations of fraud are part of it.
The investigation will consider exchanges with Epstein from Mandelson's time as EU commissioner, but it will also look into emails that surfaced related to the eurozone crisis in 2010. Allegations suggest Mandelson provided Epstein with insider information regarding an anticipated €500 billion bailout during the financial crisis, a claim he vehemently denies.
Mandelson has yet to formally respond to the allegations, but sources indicate he claims not to have acted with criminal intent and insists motivations were not financially driven. Olaf clarified that while it cannot prosecute, it will forward criminal findings to the European Prosecutor's Office.
Olaf's investigative purview encompasses fraud allegations affecting the EU budget, corruption, and serious misconduct within EU institutions. Should it conclude misconduct, it can recommend sanctions, including potentially revoking Mandelson's pension.
The investigation is particularly sensitive given Mandelson's prior role and the implications of the Epstein connection, which has caused a stir in UK's political landscape following his dismissal from the ambassador role in late 2025. As the inquiry progresses, it may reveal further complexities surrounding the interactions between high-ranking officials and controversies tied to Epstein.
