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2 Prime Ministers ousted over offshore accounts in BVI

- Pakistan & Iceland Prime Ministers removed from office over the Panama papers that unearthed offshore accounts in the British Virgin Islands
Sigmundur D. Gunnlaugsson (left) and Nawaz Sharif (right) were both booted as Prime Ministers, of Iceland and Pakistan respectively, over offshore accounts in the British Virgin Islands. Photo: Internet Source
Following weeks of protests, Mr Sigmundur D. Gunnlaugsson resigned as Prime Minister of Iceland in April 2016 over his VI Offshore account and accusations of conflicts of interest. Pakistani Prime Minister Nawaz Sharif, 67, resigned during his third stint as prime minister shortly after the Supreme Court ruled on July 28, 2017 that he should be disqualified and ordered a criminal probe into his family's wealth. Photo: Wikipedia
Following weeks of protests, Mr Sigmundur D. Gunnlaugsson resigned as Prime Minister of Iceland in April 2016 over his VI Offshore account and accusations of conflicts of interest. Pakistani Prime Minister Nawaz Sharif, 67, resigned during his third stint as prime minister shortly after the Supreme Court ruled on July 28, 2017 that he should be disqualified and ordered a criminal probe into his family's wealth. Photo: Wikipedia
The British Virgin Islands (BVI), through the BVI Finance Centre, released a report earlier this year which claimed that the BVI supports some 2 million jobs globally through its legitimate offshore regime. Photo: VINO/File
The British Virgin Islands (BVI), through the BVI Finance Centre, released a report earlier this year which claimed that the BVI supports some 2 million jobs globally through its legitimate offshore regime. Photo: VINO/File
ROAD TOWN, Tortola, BVI- The British Virgin Islands (BVI), through the BVI Finance Centre, released a report earlier this year which claimed that the BVI supports some 2 million jobs globally through its legitimate offshore regime.

However, in global politics the tiny British Overseas Territory with less than 40 thousand residents has also caused two powerful international countries to lose their Prime Ministers.

Iceland PM out in 2016 over BVI offshore

It was in April of 2016, with a financial scandal engulfing him following the release of the Panama Papers, that the Iceland Prime Minister was asked to explain his involvement in an offshore company. It was revealed that Sigmundur D. Gunnlaugsson held shares in a company that allegedly invested in Iceland's troubled banking sector.

The Guardian reports that Gunnlaugsson co-owned a British Virgin Islands–registered company called Wintris Inc., which reportedly held shares worth nearly $4 million in three Icelandic banks that collapsed during the financial crisis of 2008.

The revelation came from a trove of more than 11 million internal documents from a Panama-based law firm leaked to German newspaper Süddeutsche Zeitung and shared with reporters around the world via the International Consortium of Investigative Journalists (ICIJ).

It was reported that Gunnlaugsson sold his 50% stake to his wife for a symbolic $1.00 at the end of 2009, eight months after he was elected to Parliament as an MP for the cenre-right Progressive Party.

The ousted Prime Minister failed; however, to declare an interest in the company Wintris either then or when he became prime minister in 2013. Following weeks of protests, Mr Gunnlaugsson resigned in April 2016 over his BVI Offshore account and accusations of conflicts of interest.

Pakistan

Another Prime Minister that recently got the boot was Pakistani Prime Minister Nawaz Sharif. It was last month that the Pakistani Supreme Court made a decision that disqualified him from office over undeclared assets held in an offshore company in the BVI.

Sharif, 67, resigned during his third stint as prime minister shortly after the Supreme Court ruled on July 28, 2017 that he should be disqualified and ordered a criminal probe into his family's wealth.

Sharif's disqualification stems from the Panama Papers leaks in 2016 which appeared to show that Sharif's daughter and two sons owned offshore holding companies registered in the British Virgin Islands and used them to buy properties in London.

The judges in July alleged Sharif did not declare a small source of income that the veteran leader disputes receiving.

21 Responses to “2 Prime Ministers ousted over offshore accounts in BVI”

  • just asking... (28/08/2017, 11:58) Like (58) Dislike (2) Reply
    What about thoes politians in the bvi?
    • Hmph (28/08/2017, 12:21) Like (9) Dislike (2) Reply
      So they did not have bank accounts in the BVI, but owned shares in BVI companies that held assets outside of the BVI.
    • @just asking (28/08/2017, 12:46) Like (13) Dislike (3) Reply
      Just a matter of time. Scotland yard on the Case... There Goal is to sink us...They are determine to do that...So, someone of our people will be arrested..
    • @ just asking (28/08/2017, 16:26) Like (7) Dislike (4) Reply
      Gus will get them out not to worry
  • usa (28/08/2017, 12:10) Like (18) Dislike (1) Reply
    very interesting information. thanks vino
  • Just saying (28/08/2017, 12:21) Like (11) Dislike (0) Reply
    Well do not blame the bvi
  • Lord o (28/08/2017, 12:41) Like (12) Dislike (7) Reply
    Wow...This is serious shixxt...The BVI in trouble. Our Main money owner our financial services will take a hit... I'm seeing a lot more officials falling over this Panama Paper...
    • l (28/08/2017, 12:52) Like (3) Dislike (1) Reply
      Why are we in trouble?
      • BORESTICK (28/08/2017, 19:43) Like (7) Dislike (3) Reply
        I asking the same question. Why are we in trouble. It was not illegal for them to have Offshore Companies in the BVI. That means that all who have accounts in BVI in trouble then. I am sure due diligence was done. They are just looking to cripple us in the BVI and so that UK can say, take them over. Who is doing more Offshore business that the UK and America? No problem with them because they are a white jurisdiction, huh? Just because we were thriving, it was too good for "black folks." Blacks can't do nothing right -- but whites can, huh? A set of hypocrites in those big countries. Keep pushing us, man. "All over Road Town with we Board Stick" it will be again.
        • @Borestick (29/08/2017, 20:31) Like (3) Dislike (0) Reply
          Interesting fantasy you have there, but someone should bring you back to reality. There is nothing illegal about offshore companies in the BVI. The UK is not "coming to get you." If anything the UK would be thrilled if it could lose the burden of the BVI but that is a other matter, and one for people here to decide upon. This story is about two prime ministers, one from ICELAND the other from INDIA who were asked to step down because as PM's they were bound by duty to disclose all their financial dealings. They didn't, they broke the rules in THEIR country. They didn't break rules in the BVI and the UK government has nothing to do with this. Except apparently in your imagination.
  • Windy (28/08/2017, 13:05) Like (1) Dislike (0) Reply
    Wow
  • wize up (28/08/2017, 13:32) Like (9) Dislike (1) Reply
    Lots more of them out there so while we here trying to expose our fellow BV Islanders others up in here raking in the doe
  • pat (28/08/2017, 14:32) Like (6) Dislike (0) Reply
    Politics in thoes country ate diffrent in the bvi they get away with raping the tax payers
  • Mark (28/08/2017, 18:18) Like (12) Dislike (3) Reply
    Lets not jump up about this, everybody wants what the BVI have and they will stop at nothing to bring us down. This industry is helping this country and I will not be in support of this witch hunt to bring us down.
    • @ Mark (28/08/2017, 20:57) Like (19) Dislike (1) Reply
      look like the esteem will have to do another interview to save the bvi again
  • LOL (29/08/2017, 10:04) Like (22) Dislike (0) Reply
    We removing politicians all over the world and can't get rid of our own bunch of miscreants?
  • mary j (29/08/2017, 22:09) Like (0) Dislike (0) Reply
    Thanks so much for this story.


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