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They will postpone it until next year, when they will announce two winners.
Their decision underscores the seriousness of the situation and will help safeguard the long-term reputation of the Nobel Prize.
He was accused by 18 women of sexual assault and harassment in November.
He denied all the allegations through a lawyer.
Tension within the panel escalated when they demoted the groups chief official, Sara Danius.
Danius had previously severed the panels ties with Arnault and commissioned an investigation of the Academy as a result.
Her demotion led to protests, with people saying she was suffering for Arnaults actions.
Many members are also angry that Arnaults wife, Katarina Frostenson, has remained on the board.
And that is the decisive reason that we are postponing the prize.
