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Panama Papers: Iceland PM Resigns

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REYKJAVIK: Iceland’s prime minister Sigmundur David Gunnlaugsson (pic) has resigned amid the controversy over his offshore holdings revealed in the Panama Papers leak.

The documents revealed that the 41-year-old premier and his wife had investments in the British Virgin Islands, including debt in three failed Icelandic banks.

This led to street protests involving thousands of Icelanders angered by the alleged tax evasion.

Gunnlaugsson is the first major casualty of the leak of more than 11 million documents from Panamanian law firm Mossack Fonseca, which contained details of how rich and famous people around the world managed to avoid tax. – Wires

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