Mandela Children's Fund CEO That Held Campbell Diamonds Resigns

Ractliffe first denied that he received the diamonds, but turned them into the hands of the South African police just days later. Holding on to rough diamonds is permitted in South Africa only to licensed diamond traders.

Model Campbell, who also denied at first that she received diamonds from warlord Charles Taylor, admitted at his trial that she did receive the diamonds after a dinner hosted by Mandela. She said she later gave them to the charity to be auctioned.

Ractliffe had apologized to the fund for the "anxiety and possible reputational risk his conduct may have caused".

"Mr Ractliffe regrets his omission to inform the chairperson, CEO and the rest of the board of trustees of his receipt of the uncut diamonds until now and acknowledges that had he done so, he and the board would have found a better and lawful way to manage the situation," a fund spokesperson said.