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LSE director Sir Howard Davies resigns over Libya links LSE director Sir Howard Davies resigns over Libya links
(about 1 hour 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 told the BBC the university's reputation had been damaged, and "I need to take the responsibility for that".
He said the decision to accept £300,000 for research from a foundation run by Col Gaddafi's son had "backfired". He said the decision to accept £300,000 for research from a foundation run by Col Gaddafi's son Saif had "backfired".
The LSE council has commissioned an independent inquiry into the university's relationship with Libya and his son Saif. The LSE council has commissioned an independent inquiry into the university's relationship with Libya.
It will seek to clarify the extent of the LSE's links with Libya and establish guidelines for future donations.It will seek to clarify the extent of the LSE's links with Libya and establish guidelines for future donations.
Lord Woolf, former Lord Chief Justice of England and Wales and former chairman of the Council of University College London, has been appointed to carry it out.Lord Woolf, former Lord Chief Justice of England and Wales and former chairman of the Council of University College London, has been appointed to carry it out.
Sir Howard said he regretted visiting Libya to advise its regime about financial reforms, calling it a "personal error of judgement". Sir Howard said he had resigned because of two "errors of judgement" - advising the LSE to accept the donation from Saif Gaddafi's foundation and visiting Libya to advise its regime about financial reforms.
'Honourable course' 'Hard to defend'
"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," he said.
"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 had turned out to be a "mistake".
There were risks involved in taking funding from sources associated with Libya which should have been weighed more heavily in the balance, he concluded in his resignation letter.There were risks involved in taking funding from sources associated with Libya which should have been weighed more heavily in the balance, he concluded in his resignation letter.
"I made a personal error of judgement in accepting the British government's invitation to be an economic envoy and the consequent Libyan invitation to advise their sovereign wealth fund," he said. Sir Howard told the BBC that he first offered his resignation on Sunday, but was asked to withdraw it.
"There was nothing substantive to be ashamed of in that work and I disclosed it fully, but the consequence has been to make it more difficult for me to defend the institution." "The more I have thought about it - and one has to reflect and ask one's conscience - the more I thought about it, there were these two things which I found hard to defend," he said.
"I think the school will recover, but I decided it would recover more quickly if I accepted responsibility for those two errors of judgement. The LSE is a fine and important British institution."
One academic has said the row is being blown out of proportion.One academic has said the row is being blown out of proportion.
Colin Talbot is a Professor at Manchester Business School, who also taught on one of the LSE courses in Libya. He thinks Sir Howard has been the victim of double standards. Colin Talbot is a professor at Manchester Business School, who also taught on one of the LSE courses in Libya. He thinks Sir Howard has been the victim of double standards.
"We have some British arms companies who have been selling arms to the Libyan regime," he said."We have some British arms companies who have been selling arms to the Libyan regime," he said.
"We've had BP there, drilling for oil. Nobody has been calling for the chief executive of BP to stand down as a result of that, whereas the LSE, which has been involved in some fairly minor education and research activities, is going through this trauma.""We've had BP there, drilling for oil. Nobody has been calling for the chief executive of BP to stand down as a result of that, whereas the LSE, which has been involved in some fairly minor education and research activities, is going through this trauma."
Sir Howard Davies is a former head of the Financial Services Authority and deputy governor of the Bank of England.Sir Howard Davies is a former head of the Financial Services Authority and deputy governor of the Bank of England.
He will remain as the head of the LSE until a successor has been found.He will remain as the head of the 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.
The LSE has already announced it is investigating claims that Saif Gaddafi plagiarised his PhD thesis, which was awarded in 2008.The LSE has already announced it is investigating claims that Saif Gaddafi plagiarised his PhD thesis, which was awarded in 2008.
The Libyan leader's son had studied at the LSE, gaining both an MSc and PhD. The Libyan leader's son studied at the LSE, gaining both an MSc and PhD.
Are you an LSE student? Or are you Libyan? What is your reaction to Sir Howard Davies' resignation? You can send us your comments using the form below: