Iceland PM Gunnlaugsson resigned after Panama papers leak revelations

Apr 6, 2016 10:10 IST

Iceland Prime Minister Sigmundur Gunnlaugsson resigned on 5 April 2016. He resigned after the leaked Panama Papers exposed offshore finance and tax evasions by him. The leaks were from Panama-based law firm Mossack Fonseca, the world’s fourth biggest offshore law firm.

The leaks showed Gunnlaugsson owned an offshore company with his wife but had not declared it when he entered parliament. He is accused of concealing millions of dollars' worth of family assets. He said that he sold his shares to his wife, and denies any wrongdoing.

He is one of dozens of high-profile global figures mentioned in the 11.5 million leaked financial and legal records, which were first published on 3 April 2016.

He resigned after thousands of protestors protested against him outside the parliament building in the capital Reykjavik. Even the opposition tabled a confidence motion against him.

Earlier, the Prime Minister had asked President Olafur Ragnar Grimsson to dissolve parliament and call for an early election.

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