Iceland: Prime Minister Resigns Over Panama Papers

April 5, 2016 | 16:28 GMT

Icelandic Prime Minister Sigumdur David Gunnlaugsson resigned on April 5 after the release of the Panama Papers brought to light his family's offshore investments, The Guardian reported. More than 11.5 million documents were leaked from the Panamanian law firm Mossack Fonseca, revealing questionable financial arrangements made by world leaders, politicians, public figures and known criminals dating back to 1977. The prime minister faced growing pressure to step down after struggling to explain his holdings in an offshore company at the time of Iceland's economic collapse. According to local media, Gunnlaugsson's coalition partners in parliament and the country's president, Olafur Ragnar Grimsson, must approve the prime minister's resignation before it becomes official. Some reports have said that Iceland's agriculture and fisheries minister, Sigurdur Ingi Johannsson, may take over as prime minister. The Panama Papers scandal looks as though it will have a long life.