First casualty of Panama tax evasion case: Iceland PM Sigmundur Gunnlaugsson resigns

Iceland Prime Minister Sigmundur Gunnlaugsson on Tuesday resigned — the first major casualty of the Panama Papers leaks which have shed an embarrassing spotlight on the world of offshore finance, BBC reported.

Agencies April 05, 2016 21:49:05 IST
First casualty of Panama tax evasion case: Iceland PM Sigmundur Gunnlaugsson resigns

Reykjavik: Iceland Prime Minister Sigmundur David Gunnlaugsson on Tuesday resigned — the first major casualty of the Panama Papers leaks which have shed an embarrassing spotlight on the world of offshore finance, BBC reported.

The leaks, from Panama law firm Mossack Fonseca, showed that Gunnlaugsson owned an offshore company, Wintris, with his wife. He was accused of concealing millions of dollars worth of family assets.

"The prime minister told (his party's) parliamentary group meeting that he would step down as prime minister and I will take over," the Progressive party's deputy leader and Agriculture Minister Sigurdur Ingi Johannsson told a live broadcast.

First casualty of Panama tax evasion case Iceland PM Sigmundur Gunnlaugsson resigns

Iceland Prime Minister Sigmundur David Gunnlaugsson. AFP

A big protest was held in front of parliament in Iceland on Monday. Dozens of high-profile global figures were named in the huge Mossack Fonseca leak.

Gunnlaugsson had earlier called on President Olafur Ragnar Grimsson to dissolve parliament, but that was refused.

Grimsson said he wanted to speak to political parties first.

"I do not think it is normal that the prime minister alone ... should be given the authority to dissolve the parliament without the majority of the parliament being satisfied with that decision," the President told reporters.

Some observers describe his rejection of the prime minister's request as highly unusual.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Panama papers: Americans do not have to go abroad to hide funds, they can do it at home
World

Panama papers: Americans do not have to go abroad to hide funds, they can do it at home

From Russia to China, and Britain to Iceland, the revelations of the "Panama Papers" have tarnished officials and the wealthy over the implication that they hide riches offshore.

Panama Papers reveal spies used Mossack Fonseca to conceal their 'activities'
World

Panama Papers reveal spies used Mossack Fonseca to conceal their 'activities'

The Munich-based newspaper said Mossack Fonseca's clients included "several players" in the 1980s Iran-Contra scandal, which saw senior US officials facilitate secret arms sales to Iran in a bid to secure the release of American hostages and fund Nicaragua's Contra rebels.

Iceland PM Bjarni Benediktsson calls for second snap election in a year after govt collapses
World

Iceland PM Bjarni Benediktsson calls for second snap election in a year after govt collapses

Iceland's prime minister on Friday called for a second snap election in less than a year after a party quit the coalition government