A special investigative panel found that Mr. Wolfowitz “broke bank rules”. On 15 May, he appeared before the panel to defend himself. According to the Financial Times, he claimed to have acted in good faith and told the panel that “my conduct with respect to Ms Riza… does not justify taking any action against me or warrant a finding that you lack confidence in my leadership.”

On 17 May, Mr Wolfowitz announced his resignation, affirming that: “It is in the best interests of those whom this institution serves for that mission to be carried forward under new leadership,” reports the Financial Times. In a carefully drafted statement, the Bank’s board of directors accepted Mr Wolfowitz’ statement that he had acted in good faith, and praised his work on debt relief and corruption during his two-year tenure, according to the New York Times. “He assured us that he acted ethically and in good faith in what he believed were the best interests of the institution, and we accept that,” the board’s directors said. “We also accept that others involved acted ethically and in good faith.”

For more information, please see Transparency International’s press release.