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Dominique Strauss-Kahn resigns as head of IMF

19 May 2011 07:26 (UTC +04:00)

In his letter of resignation, released by the IMF and dated May 18, the former managing director said he denied the allegations against him and went on to say that it was with ’infinite sadness’ that he presented the board with his resignation.

"I think at this time first of my wife - whom I love more than anything - of my children, of my family, of my friends. I think also of my colleagues at the Fund; together we have accomplished such great things over the last three years and more.

"To all, I want to say that I deny with the greatest possible firmness all of the allegations that have been made against me.

"I want to protect this institution which I have served with honour and devotion, and especially - especially - I want to devote all my strength, all my time, and all my energy to proving my innocence."

Strauss-Kahn is to make a second application for bail on Thursday in New York with is his lawyers set to offer new bail terms including $1m in cash and to place their client under house arrest.

He is currently being held in New York’s Rikers Island prison after being charged with the attempted rape of a hotel employee. A judge rejected his initial plea for bail agreeing with prosecutors that he was a flight risk.

A grand jury has now been convened to assess whether Strauss-Khan will be indicted. Their decision will not be known until Friday. The decision to press for bail ahead of Friday’s decision suggests lawyers are urgently trying to free Strauss-Kahn from Rikers where he has been held since Monday. If he is released on bail, the deadline to secure an indictment would be extended.