While submitting his resignation, Kahn said, "It is with infinite sadness that I feel compelled today to present to the Executive Board my resignation from my post of Managing Director of the IMF."
Showing his love for his wife and children, Kahn also said, "I think at this time first of my wife—whom I love more than anything—of my children, of my family, of my friends."
Kahn, who was earlier denied bail, again on Thursday, May 19 approached the court for bail.
Kahn's lawyer claimed that they would again move the court and demand for bail for the former IMF chief. The lawyer also claimed that they may seek house detention for Kahn who is one of most prominent candidates for the 2012 presidential election in France.
62-year-old Kahn was reportedly arrested minutes before flying to Paris on Sunday, May 15. Kahn was accused of rape attempt on a New York hotel chambermaid.
However, his supporters have argued that this case could be a possible set-up hampering his chances of being the French Premier. His lawyers are also backing the case mentioning that there is no evidence of forcible sex.