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| LSE director Sir Howard Davies resigns over Libya links | LSE director Sir Howard Davies resigns over Libya links |
| (40 minutes later) | |
| The director of the London School of Economics has resigned over its links to Libyan leader Col Muammar Gaddafi. | The director of the London School of Economics has resigned over its links to Libyan leader Col Muammar Gaddafi. |
| Sir Howard Davies said he recognised the university's reputation had "suffered" and he had to quit. | Sir Howard Davies said he recognised the university's reputation had "suffered" and he had to quit. |
| He said the decision to accept £300,000 for research from a foundation run by Col Gaddafi's son, Saif, "backfired". | He said the decision to accept £300,000 for research from a foundation run by Col Gaddafi's son, Saif, "backfired". |
| The LSE council has commissioned an independent inquiry into the university's relationship with Libya and Saif Gaddafi. | The LSE council has commissioned an independent inquiry into the university's relationship with Libya and Saif Gaddafi. |
| Sir Howard said he regretted visiting Libya to advise its regime about financial reforms, calling it a "personal error of judgement". | |
| 'Honourable course' | |
| He said: "I have concluded that it would be right for me to step down even though I know that this will cause difficulty for the institution I have come to love. | He said: "I have concluded that it would be right for me to step down even though I know that this will cause difficulty for the institution I have come to love. |
| "The short point is that I am responsible for the school's reputation, and that has suffered." | "The short point is that I am responsible for the school's reputation, and that has suffered." |
| He also said he had advised that it was "reasonable" to accept the money, which turned out to be a "mistake". | |
| There were risks involved which should have been weighed more heavily in the balance, he concluded in his resignation letter. | |
| Sir Howard is a former head of the Financial Services Authority and deputy governor of the Bank of England. | Sir Howard is a former head of the Financial Services Authority and deputy governor of the Bank of England. |
| He will remain as the head of LSE until a successor has been found. | He will remain as the head of LSE until a successor has been found. |
| Peter Sutherland, chairman of the LSE's court of governors, said Sir Howard had been an "outstanding" director over the past eight years. | Peter Sutherland, chairman of the LSE's court of governors, said Sir Howard had been an "outstanding" director over the past eight years. |
| "We accept his resignation with great regret and reluctance but understand that he has taken an honourable course in the best interests of the school," he said. | "We accept his resignation with great regret and reluctance but understand that he has taken an honourable course in the best interests of the school," he said. |