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Bland said the firm has produced a confidential report that he intends to make public which lends little support to the allegations. France is the second-largest contributor to the fund behind the United States, and Bruni-Sarkozy serves as one of its ambassadors.

Kazatchkine, who has been at odds with the inspector general’s office that has been uncovering the losses, resigned after the board decided to create a position of general manager to chart a new direction. The position was among a series of recommendations by a high-level panel created to address the problems raised in AP articles.

“I believe it is untenable that there are two heads in an organization and that’s why I decided to leave,” he told AP.

Kazatchkine said the Global Fund “can’t be more transparent than we have been.”

“We’re by far the most transparent organization in development,” he said at Davos. “Fighting corruption, yes, of course, and I have repeatedly said zero tolerance for corruption. Yet we also have to recognize that this business is not without risk. And risk, or the sense of risk, can also paralyze action.”

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Frank Jordans contributed to this report.