Panama Papers – The Consequences

ICELAND’S prime minister has quit his prominent position just two days after it became clear that he and his family had squirrelled a tax–free fortune away whilst his country faced financial ruin. 

PM Sigmunder David Gunlaugsson had made a request for a snap election after initially refusing to quit his leadership position. Following protests outside parliament calling for the PM to resign and the opposition presenting a motion of no-confidence against Gunnlaugsson, the pressure of the shamed PM became too much and resignation followed. 

The first high-profile leader Sigmunder David Gunlaugsson, is the first fatality from the leaked Panama Papers which revealed the tax-avoidance measures of the rich and famous across the globe. 

It seems that the ex-PM and his wife had set up a company in the British Virgin Islands to hide a vast wealth with help from Panamanian law firm Mossack Fonseca.

In British news David Cameron’s father has been exposed for also using an offshore fund, therefore avoiding UK taxes.      

It has emerged Ian Cameron was a director of Blairmore Holdings Inc, a company named after his ancestral home in Aberdeenshire, based in the Bahamas and responsible for managing tens of millions of pounds for wealthy families. 

It seems it’s not only world leaders caught up in the scandal, in Spain filmmaker Almadovar and footballer Lionel Messi have had their names tarnished. 

The FC Barcelona striker’s family has strongly denied these accusations. A statement issued by a representative read: “The Messi family wants to make clear that Lionel Messi has not carried out any of the acts attributed to him, and accusations he created a tax evasion plot, including a network of money-laundering, are false and insulting.”