Iceland PM resigns following Panama Papers furore

Washington D.C.: In the wake of outstanding revelations following the leak sensational Panama Papers, Iceland Prime Minister Sigmundur David Gunnlaugsson on Tuesday resigned from his post.

The resignation of the Iceland prime minister is the first prominent political fallout after the leak of documents from a secretive Panamanian law firm about offshore shell companies and tax shelters.

According to the New York Times, the resignation was announced by Sigurdur Ingi Johannsson, a government minister and the deputy chairman of the Progressive Party.

Gunnlaugsson had earlier insisted that he would not resign from his post following the leak which revealed that he and his wife, Anna Sigurlaug Palsdottir, had set up a company in 2007 in the British Virgin Islands through the law firm, Mossack Fonseca.

The documents also claimed that the Iceland prime minister had sold half of the company to his wife for One Dollar on the last day of 2009.

Gunnlaugsson had claimed that the leak contained no news, adding that he and his wife had not hidden their assets or avoided paying taxes. (ANI)