Klaus Schwab, founder of the World Economic Forum, whose annual gathering of business and political leaders in the Swiss mountain resort of Davos became a symbol of globalisation, has resigned as chair of its trustees.

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. The announcement came a day after the 87-year-old Schwab said he was resigning as chairman,

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