Strauss-Kahn resigns from IMF, indicted, granted bail

New York - Dominique Strauss-Kahn, indicted by a Manhattan grand jury on charges related to sexual assault, has resigned as Managing Director of the International Monetary Fund ( IMF).

The resignation news comes from a press release released on the IMF website, in which Strauss-Kahn said: “I want to protect this institution which I have served with honor and devotion, and especially—especially—I want to devote all my strength, all my time, and all my energy to proving my innocence”. In an email sent to IMF, Strauss-Kahn said he felt compelled to present to the Executive Board his resignation from the post of Managing Director of the IMF. The court papers state that he has been indicted with attempted rape, sexual abuse, unlawful imprisonment and forcible touching and he could face up to 20 years in jail if convicted. He was recently granted $1 million bail and home detention, according to breaking news alerts. According to Bloomberg, Strauss-Kahn was once a leading contender to win the French presidency next year. A lot of bargaining is expected to take place before his successor is appointed. Strauss-Kahn has been described as an important figure and that it will cast a long shadow on the IMF even though he has resigned by Venkatraman Anantha-Nageswaran, the Singapore-based global chief investment officer at Bank Julius Baer & Co. The Bloomberg further reported that Strauss-Kahn has denied having attacked a 32 year old woman at a hotel in Manhattan on May 14th. During his arrest, he was removed from an Air France flight at John F Kennedy International Airport. He has since been denied bail as he presented a flight risk according to the prosecution although he is now asking a second judge to release him on bail. Strauss-Kahn was held in New York's Rikers Island prison since Monday and his lawyers offered to pay bail of $1m, placing their client under house arrest, Guardian.co.uk reported A judge rejected his initial plea for bail agreeing with prosecutors that he was a flight risk. His resignation comes after strong international pressure for him to do so as he faces charges of assaulting an employee at a New York hotel.