Mossack Fonseca, law firm at centre of 'Panama Papers' scandal, to shut operations; rues negative press, 'unwarranted' action

The law firm at the heart of the 'Panama Papers' global tax evasion scandal that brought down two world leaders announced, on Wednesday, that it would shut down operations, citing negative press and what it called unwarranted action by authorities.

AFP March 15, 2018 08:20:49 IST
Mossack Fonseca, law firm at centre of 'Panama Papers' scandal, to shut operations; rues negative press, 'unwarranted' action

Panama: The law firm at the heart of the "Panama Papers" global tax evasion scandal that brought down two world leaders announced, on Wednesday, that it would shut down operations, citing negative press and what it called unwarranted action by authorities.

"Reputational deterioration, the media campaign, the financial consequences and irregular actions by some Panamanian authorities have caused irreparable damage, resulting in the total ceasing of public operations at the end of this month," Mossack Fonseca said in a statement. But, it added that a smaller group would continue working to address requests from authorities and other public and private groups.

Mossack Fonseca law firm at centre of Panama Papers scandal to shut operations rues negative press unwarranted action

Representational Image. Reuters

Last August, co-founder Jurgen Mossack acknowledged the firm had closed most of its offices abroad after its damaged credibility caused business to flounder.

3 April, 2016 marked the beginning of the "Panama Papers" scandal—a leak of 11.5 million files from Mossack Fonseca's digital archive that revealed how wealthy and influential figures across the world had created offshore businesses to safeguard assets.

The information was obtained by German newspaper Sueddeutsche Zeitung, who shared it with the International Consortium of Investigative Journalists. It was released as a searchable database, with revelations continuing to be unearthed to this day.

Icelandic prime minister Sigmundur David Gunnlaugsson was forced to resign after it was revealed his family had offshore accounts, while former Pakistani prime minister Nawaz Sharif was disqualified for life from office after being implicated in the documents.

Other figures implicated included former British premier David Cameron, football star Lionel Messi, Argentina's President Mauricio Macri, Spanish filmmaker Pedro Almodovar, to name but a few.

At least 150 investigations were opened in 79 countries to examine possible tax evasion and money laundering, according to the US-based Center for Public Integrity.

 

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

Barcelona president Josep Maria Bartomeu says he has 'no doubt' Lionel Messi will sign new contract with club
Sports

Barcelona president Josep Maria Bartomeu says he has 'no doubt' Lionel Messi will sign new contract with club

Messi, whose deal expires in 2021, had called his side “weak” and “inconsistent” after they lost the league title to Real Madrid.

Virat Kohli becomes fourth most followed sportsperson on Instagram, overtakes basketball star LeBron James
Sports

Virat Kohli becomes fourth most followed sportsperson on Instagram, overtakes basketball star LeBron James

Virat Kohli has become the fourth most followed sportsperson on Instagram, in the process overtaking American basketball legend LeBron James.