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Iceland's PM resigns over offshore company linked to VI

- Sigmundur D. Gunnlaugsson steps down after thousands call for his resignation following Panama Papers investigation
Iceland’s embattled prime minister, Sigmundur Davíð Gunnlaugsson, has become the first major casualty of the Panama Papers, tendering his resignation amid a mounting political crisis over his family’s offshore investments. Photo: Birgir Por Hardarson/EPA
Iceland's Prime Minister, Sigmundur Gunnlaugsson stepped down after thousands gathered outside parliament to demand his resignation. Photo: Stigtryggur Johannsson/Reuters
Iceland's Prime Minister, Sigmundur Gunnlaugsson stepped down after thousands gathered outside parliament to demand his resignation. Photo: Stigtryggur Johannsson/Reuters
ROAD TOWN, Tortola, VI- The Prime Minister of Iceland has resigned following massive protests in the wake of the Panama Papers investigation which revealed how the world's wealthy avoid tax.

Sigmundur D. Gunnlaugsson, who allegedly had an offshore company called Wintris in the Virgin Islands, stepped down today, Tuesday April 5, 2016, hours after thousands of protesters gathered outside parliament to demand his resignation.

The huge leak of confidential documents has revealed how the rich and powerful use tax havens to hide their wealth. Eleven million documents were leaked from one of the world's most secretive companies, Panamanian law firm Mossack Fonseca.

They show how Mossack Fonseca has allegedly helped clients launder money, dodge sanctions and avoid tax.

The company says it has operated beyond reproach for 40 years and has never been charged with criminal wrong-doing.

The documents show 12 current or former heads of state and at least 60 people linked to current or former world leaders in the data.

Meanwhile, according to Al Jazeera, Agriculture Minister Sigurdur Ingi Johannsson - who will replace the prime minister for an interim period - confirmed to Icelandic broadcaster RUV that Gunnlaugsson was stepping down as leader of the country's coalition government.

Gunnlaugsson is the first major scalp from a leak of more than 11 million documents from Mossack Fonseca, a Panamanian law firm, showing tax-avoidance arrangements of the rich and famous around the world.

Gunnlaugsson was among the names mentioned in the so-called Panama Papers, which were published on Sunday, April 3, 2016.

The leaked documents allege that Gunnlaugsson and his wife set up a company called Wintris in the [British] Virgin Islands with the help of the Panamanian law firm.

Gunnlaugsson is accused of a conflict of interest for failing to disclose his involvement in the company, which held interests in failed Icelandic banks that his government was responsible for overseeing.

19 Responses to “Iceland's PM resigns over offshore company linked to VI”

  • ccc (05/04/2016, 15:08) Like (15) Dislike (11) Reply
    Hope the whole ndp government goes next
  • nonsense (05/04/2016, 15:32) Like (15) Dislike (4) Reply
    They have never been charged for wrong doing because they did no wrong. tax/wealth planning is not illegal so I don't understand what all the hoopla is about.
  • be careful (05/04/2016, 15:34) Like (9) Dislike (1) Reply
    Hope your territory realizes that you're in a very negative spotlight at the moment, and need to be very careful with all the craziness that's going on in the world today.
  • bvi (05/04/2016, 15:35) Like (9) Dislike (2) Reply
    We are in deep $#it.
  • Serious times (05/04/2016, 15:41) Like (6) Dislike (1) Reply
    WHY IS THE NDP SO QUIET?
  • So What? (05/04/2016, 15:55) Like (9) Dislike (1) Reply
    He didn't do anything that wrong. Maybe a little, but he shouldn't have stepped down. Wonder what the leakers of
    that private material have to hide about themselves? Nice they go thru a law firms records about its clients - is
    there anyone out there who sees wrong in this? Same thing as going thru the banks vaults and looting them of
    all the depositors valuables. Used to be called looting.
    • NICK (05/04/2016, 21:15) Like (3) Dislike (1) Reply
      if hiding millions of dollars in another country not to pay tax in your own country is "nothing that wrong",then you must be a ndp politician.
  • watching (05/04/2016, 16:08) Like (11) Dislike (0) Reply
    The chain reaction has begun hmmmm
  • The Auditor (05/04/2016, 16:49) Like (5) Dislike (1) Reply
    Some of these companies are making easy money but nothing to be compared to the millions which will be paid out shortly to the Managing Director to prevent further damage to members of the Party. This to will be considered legal by the Premier at the expense of the tax payers.
  • tola (05/04/2016, 17:31) Like (3) Dislike (0) Reply
    Let them check their big banks in London and throughout Europe. History has shown how they store the gold and other valuables that the Europeans governments plundered.
  • candy (05/04/2016, 17:56) Like (12) Dislike (0) Reply
    Only in other countries they step aside for wrong foing never in the bvi
    • *Hmm (06/04/2016, 13:01) Like (0) Dislike (0) Reply
      Truest statement ever made! They would rather fight to the death to keep their position. Stepping down means a lost money & power....never them
  • DEJA VU (05/04/2016, 19:53) Like (1) Dislike (0) Reply
    Wives link in new developments?

    http://thenationonlineng.net/mega-rich-moguls-used-wives-help-hide-cash/

  • facts man (05/04/2016, 20:48) Like (3) Dislike (0) Reply
    see the goverment is fast asleep not one word from Dr. Smith
  • Concerned (05/04/2016, 20:58) Like (1) Dislike (0) Reply
    The Spotlight is heavily focused on the BVI around the world right now. These guys better hire stronger PR specialists than this weak presentation that has been just presented to the Public to counter this type of perception placed on us right now.

    It has been said that "Perception can become one's Reality." You guys have to turn this runaway train around like how you'll campaign around Election time.

    Indian News:

    http://indianexpress.com/article/india/india-news-india/panama-papers-panama-papers-india-satish-k-modi-ashok-malhotra-bhaskar-rao-panamapapersindia-part-3-bellary-baron-tank-tycoon-top-industrialist/
  • abroad (06/04/2016, 07:14) Like (2) Dislike (1) Reply
    BVI, The spotlight is in you now. The whole world is watching. Don't look good for the image you project. Natures Little Secret alright. This is the calm before the storm that is brewing.
  • ohhhh (06/04/2016, 12:22) Like (0) Dislike (0) Reply
    This is just the tip of things. There is much more to come. No one would have cared if he was a private citizen. The people is protesting because they feel betrayed.
  • Boo (06/04/2016, 15:45) Like (1) Dislike (0) Reply
    Please check the back of the Range and the Caddy see if those two men, Doc and Mac, are sleeping. Walk with some smelling salts to see if you can rouse them into some kind of action


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