Peter Mandelson is under formal investigation by the European Anti-Fraud Office over alleged misconduct during his time as a senior EU official.
The probe follows a request from the European Commission to examine claims linked to Mandelson’s tenure as European trade commissioner between 2004 and 2008. OLAF confirmed it had gathered sufficient information to open an investigation, though it stressed it is too early to determine whether fraud is involved.
The inquiry is expected to focus in part on Mandelson’s reported communications with Jeffrey Epstein, whose network of contacts has triggered multiple investigations worldwide. The scope of the investigation covers Mandelson’s full period in EU office and applies to conduct within EU institutions.
Allegations include claims that Mandelson may have shared sensitive economic information during the Eurozone crisis, including advance knowledge of a €500 billion bailout designed to stabilise Greece and prevent wider financial contagion.
While Mandelson has not publicly commented on the latest investigation, reports indicate he denies any wrongdoing and maintains he did not act for financial gain.
OLAF does not have the authority to prosecute criminal offences but can refer cases to the European Public Prosecutor’s Office if evidence of criminal conduct emerges. It can also recommend administrative or financial sanctions, which may include the withdrawal of pensions or other penalties, subject to decisions by EU authorities.
The watchdog said it will analyse documents and carry out forensic examinations of available data, although the passage of time may limit the scope of evidence.
Separate scrutiny has already taken place in the UK. The Metropolitan Police previously launched an investigation into whether Mandelson passed on market-sensitive information during his time as business secretary in 2009, following the emergence of emails linked to Epstein.
Mandelson was removed from his role as UK ambassador to the United States in 2025 after details of his association with Epstein became widely known. The controversy continues to cast a shadow over UK political circles, with senior officials raising concerns about how his diplomatic appointment was handled.
The case adds to ongoing international efforts to examine connections between public figures and Epstein, as authorities continue to assess the extent of his influence and contacts.