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Iceland prime minister resigns amid fallout from ‘Panama Papers’ disclosures Iceland prime minister offers to resign amid ‘Panama Papers’ fallout
(35 minutes later)
Iceland’s prime minister tendered his resignation Tuesday amid street protests and political outrage after leaked files from a Panama law firm showed his wife owned an offshore company with links to some of the country’s collapsed banks. Iceland’s prime minister offered to resign Tuesday amid street protests and political outrage after leaked files from a Panama law firm showed his wife owned an offshore company with links to some of the country’s collapsed banks.
Prime Minister Sigmundur Gunnlaugsson asked the country’s president to dissolve parliament, which would likely lead to new elections in the most dramatic fallout to date from the disclosures known as the Panama Papers.Prime Minister Sigmundur Gunnlaugsson asked the country’s president to dissolve parliament, which would likely lead to new elections in the most dramatic fallout to date from the disclosures known as the Panama Papers.
The move to step down avoids a showdown in parliament over Gunnlaugsson’s government. Opposition lawmakers had sought a confidence vote as thousands of protesters gathered in Iceland’s capital, Reykjavik, demanding Gunnlaugsson’s resignation. The crowds at times hurling eggs and fruit. [In China, censors busy over Panama Papers disclosures]
The prime minister has previously refused to step down, claiming his wife’s overseas assets were taxed in Iceland and insisted there was no fiscal wrongdoing. The move to step down also could avoid a showdown in parliament over Gunnlaugsson’s government. Opposition lawmakers had sought a confidence vote as thousands of protesters gathered in Iceland’s capital, Reykjavik, demanding Gunnlaugsson’s resignation.
But critics say the findings of the Panama Papers report point to questions about conflicts of interest and other possible improprieties eight years after the island nation’s banking system collapsed amid the global financial crisis. The crowds at times pounded drums and banged pots and pans — harkening back to demonstrations during the country’s fiscal meltdown in 2009. Other protesters pelted the parliament building with yogurt and eggs.
A government spokesman said the company owned by Gunnlaugsson’s wife had claims of more than $4.1 million against some of Iceland’s collapsed banks. It was not immediately clear how the current political showdowns would unfold.
Parliament was not scheduled to meet Tuesday, and the president, Olafur Ragnar Grimsson, said he wanted further talks with political leaders and others before making the formal decision to accept the resignation and dissolve parliament.
But Gunnlaugsson appeared to seal his fate by promising to step aside, retreating from his earlier pledge to stick it out.
A member of Gunnlaugsson’s government, Agriculture Minister Sigurdur Ingi Johannsson, told Icelandic broadcaster RUV, that the prime minister is resigning, the Associated Press reported.
Gunnlaugsson had claimed his wife’s overseas assets were taxed in Iceland and insisted there was no fiscal wrongdoing.
[What you need to know about the Panama Papers]
But critics say the findings of the Panama Papers report point to questions about conflicts of interest and other possible improprieties nearly eight years after the island nation’s banking system collapsed amid the global financial crisis.
A government spokesman said the company owned by Gunnlaugsson’s wife, Anna Sigurlaug Palsdottir, held bonds totaling more than $4.1 million in some of Iceland’s collapsed banks. The leaked documents have led to accusations of possible conflicts by Gunnlaugsson, who oversaw negotiations with the banks’ creditors.
The Panama Papers — the result of a year-long collaboration between a German newspaper, Süddeutsche Zeitung the International Consortium of Investigative Journalists and more than 100 media outlets — claim to expose “a cast of characters who use offshore companies to facilitate bribery, arms deals, tax evasion and drug trafficking.”The Panama Papers — the result of a year-long collaboration between a German newspaper, Süddeutsche Zeitung the International Consortium of Investigative Journalists and more than 100 media outlets — claim to expose “a cast of characters who use offshore companies to facilitate bribery, arms deals, tax evasion and drug trafficking.”
The report does not make specific allegations of wrongdoing, but raises questions about the need for hard-to-trace offshore accounts. Prominent figures in China, Russia and other countries have been named in the report. The report does not make specific allegations of wrongdoing, but raises questions about the need for hard-to-trace offshore accounts and other tax havens set by a Panama-based law firm Mossak Fonseca.
Prominent figures in China, Russia and other countries have been named in the report.
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