#Panamapapers: Prime minister resigns amidst paper scandal
– Sigmundur David Gunnlaugsson, the prime minister of Iceland has resigned
– This is following a leak of 11 million files from one of the world’s most secretive companies
– Documents show Gunnlaugsson and his wife bought an offshore company in 2007
Sigmundur David Gunnlaugsson, Iceland’s prime minister
Sigmundur David Gunnlaugsson, the prime minister of Iceland has resigned after the leak of the Panama papers financial documents.
The 41-year-old, who had been under pressure to resign after the leaked documents revealed that he and his wife Anna Sigurlaug Palsdottir owned an offshore company in the British Virgin Islands and had placed millions of dollars there.
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The prime minister and his wife allegedly set up the company with help from Mossack Fonseca the Panama law firm at the heart of the leak. Gunnlaugsson told parliament that he and his wife have paid their taxes.
The documents show Gunnlaugsson and his wife bought the offshore company in 2007, which he didn’t declare when entering parliament in 2009. The offshore company was used to invest millions of dollars of inherited money. Gunnlaugsson sold his 50% share of the company to his wife for $1 eight months later, the documents allege.
The Panama papers is a leak of 11 million files from one of the world’s most secretive companies, Mossack Fonseca – a Panamanian law firm that specialises in setting up offshore companies.
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A host of celebrities, politicians and the global rich are linked to the leak. The files lay bare how at least a dozen world leaders have been using tax havens to hide their wealth. At least 72 current or former heads of state are implicated, including dictators accused of looting their countries funds.
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