The World Economic Forum announced on Tuesday that it has launched an investigation into its founder, Klaus Schwab, following a whistleblower letter alleging misconduct by the former chairman.

Forum founder quit after the board moved to investigate whistleblower allegations, which he denies, including use of luxury property and travel.

Klaus Schwab, the founder of the World Economic Forum, best known for hosting an annual meeting of political, business and other elites in the Swiss Alpine town of Davos, is retiring as chairman more than a half-century after creating the Geneva-based think tank, the forum said Monday.