An investigation conducted by the World Economic Forum's board on Friday cleared the body's founder Klaus Schwab and his wife of wrongdoing, after a probe into whistleblower complaints.

"Following a thorough review of all facts, the Board has concluded that ... there is no evidence of material wrongdoing by Klaus Schwab," the board announced.

In April, the Wall Street Journal reported that an anonymous letter sent to the prestigious institution's board of directors accused Schwab and his wife Hilde of mixing their personal affairs with Forum resources without proper oversight.

A spokesperson for Schwab had immediately denied all these accusations, but the 87-year-old said he would step down as head of the WEF.

The board of the WEF, best known for its annual summit for political and bus

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