The Independent confirm's that Graham Durgan will be stepping aside as President of the ICAEW, as noted here yesterday.
The article notes that the ICAEW maintain that Durgan's interest in EWI, the training company awarded the Chinese and Russian contracts, were openly declared throughout the tender process.
However, what the ICAEW failed to do was hold an open tendering process allowing all companies to apply for the contracts.
That is why they are in this mess. Unfortunately, the ICAEW don't see it this way and are blaming the press for this.