Full Breakdown
EU Anti-Fraud Office Probes Peter Mandelson
4/25/2026, 12:16:03 AM
Investigation Launched
OLAF announced on 24 April 2026 that it has opened an investigation into Peter Mandelson, former EU trade commissioner (2004-2008) and ex-US ambassador. The probe concerns fraud, corruption or misconduct linked to his commissioner tenure, including contacts with Jeffrey Epstein and Oleg Deripaska. OLAF declined further comment, citing confidentiality.
Background
Mandelson served as EU trade commissioner (2004-2008). He was appointed US ambassador in 2024 but dismissed in September 2024 after emails indicated close ties to Jeffrey Epstein. In February 2026 the European Commission asked OLAF to examine Epstein-related documents showing Mandelson discussing a €500 billion Eurozone bailout with Epstein.
Timeline
- 2004-2008: EU trade commissioner.
- Oct-Sep 2024: Appointed US ambassador, dismissed after Epstein emails.
- Feb 2026: Commission asks OLAF to probe.
- 24 Apr 2026: OLAF announces investigation.
Data & Statistics
Mandelson’s decisions gave Deripaska’s firm $200 million (£148 million) a year. Epstein emails read “sources tell me 500 b euro bailout, almost complete,” and Mandelson replied “Sd be announced tonight.”
Official Statements
OLAF confirmed the probe, stating confidentiality must be protected. The European Commission’s spokesperson said indication of a breach of EU code of conduct will be assessed and acted upon. Mandelson’s lawyers have not responded. Keir Starmer has faced parliamentary scrutiny over the appointment and Foreign Office’s decision to grant Mandelson “developed vetting” despite UKSV advice.
Criticism & Opposition
David Davis claimed Mandelson’s Deripaska relationship “may be just as bad as the one he had with Epstein,” accusing him of lying about its timing and influencing EU decisions. Labour backbenchers have called for Starmer’s resignation over the appointment controversy and vetting failures.
Conflicting Reports
Sources differ on whether the probe targets a specific allegation or a broader pattern. Davis cites a $200 million benefit to Deripaska, yet OLAF has not confirmed any financial breach. The misconduct—Deripaska ties, Epstein emails or the €500 billion bailout claim—remains undefined.
Verbatim Quotes
- “As European trade commissioner, Mandelson made decisions favouring Deripaska’s company by $200m [£148m] a year. Mandelson avoided proper investigation by lying about the timing of his relationship with Deripaska.” — David Davis, MP
- “OLAF can confirm the opening of an investigation on the case that you refer to. However, as the investigation is ongoing, OLAF cannot issue any further comment,” — OLAF spokesperson
- “ A spokesperson for the commission said at the time: “Whenever there is any indication of a possible breach of the obligations under the (code of conduct), the commission assesses these possible breaches and takes action on that basis, if necessary.” — European Commission spokesperson
- “sources tell me 500 b euro bailout , almost complete” — Jeffrey Epstein (email)
What’s Next
OLAF will continue the inquiry, with findings shared with EU and UK authorities. The UK Parliament is expected to hold hearings on the ambassadorial appointment and vetting process, while Starmer faces mounting pressure from Labour backbenchers.
