Following approval by the nation’s Independence Party and the President, the Prime Minister of Iceland Sigmundur Gunnlaugsson will resign. The announcement was revealed by the Minister of Agriculture and Fishing, Sigurdur Ingi Johannsson, who had previously defended the Prime Minister when the Panama Papers scandal broke.
At least 10,000 people gathered outside the nation’s parliament to demand his resignation on Monday following the announcement that he would not resign, instead he would call for an early election.
Mr. Gunnlaugsson was just one of numerous prominent politicians across the globe who were named in 11.5 million documents that revealed the extent of secretive offshore banking.
It was revealed that he had failed to declare the millions his wife had in an offshore company known as Wintris. The money in the company was invested in three of the nation’s largest banks, something that they maintain is perfectly legal and that they complied with the nation’s tax authorities.
Mr. Gunnlaugsson had entered office in 2008 and at the time he owned part of the company, before selling his shares to his wife for roughly 1 dollar eight months later. He was involved in negotiations to bailout the banks in Iceland following the global market crash, many believe this to be a severe conflict of interest and as a result demanded his resignation.