The EU’s anti-fraud office has initiated a new investigation into Peter Mandelson, who was dismissed as the UK ambassador to the US due to his connections with the late sex offender Jeffrey Epstein.
The European Anti-Fraud Office (Olaf) has confirmed the commencement of an investigation based on “sufficient information” received after a request from the European Commission two months ago.
Olaf has been tasked with examining allegations of misconduct during Mandelson’s tenure as European trade commissioner from 2004 to 2008, specifically focusing on reported interactions with Epstein during that period.
While a formal investigation has been launched, it is still early to determine if the probe involves any fraud allegations, as per Olaf’s statement.
The scope of Olaf’s mandate encompasses all four years, involving both staff and members of EU institutions.
Additional emails have surfaced from the 2010 eurozone crisis era, suggesting that Mandelson may have forewarned Epstein about a €500 billion bailout package to address Greece’s financial crisis and prevent its spread to other eurozone nations.
Although Mandelson has refrained from commenting on the accusations, reports indicate that he has denied any illegal activities and asserted that his actions were not driven by financial motives.
Olaf has indicated that all evidence, including digital forensics, will be thoroughly examined, with any criminal aspects being forwarded to the European Prosecutor’s Office.
Recent revelations of email exchanges between Mandelson and Epstein have triggered a police inquiry into allegations of sharing market-sensitive information while Mandelson served as the business secretary in 2009.
Following renewed scrutiny into his association with Epstein, Mandelson was relieved of his duties as the UK ambassador to the US in September 2025.
