Panama Papers’ first big casualty, Iceland’s PM forced to resign

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The Panama Papers’ leaks have taken its first high-profile casualty after the prime minister of Iceland resigned on Tuesday.

The leaks, from Panama law firm Mossack Fonseca, had shown PM Sigmundur Gunnlaugsson owned an offshore company, Wintris, with his wife.

He was accused of concealing millions of dollars worth of family assets.  A big protest was held in front of parliament in Iceland on Monday.

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BBC News reported that the agriculture minister will be Gunnlaugsson’s successor.

Dozens of high-profile global figures are named in the huge Mossack Fonseca leak including over 500 names from India.

Finance Minister, Arun Jaitley on Monday said that on PM’s advice, a multi-agency group had been formed to monitor disclosures.

Gunnlaugsson had earlier called on the President Olafur Ragnar Grimsson to dissolve parliament, but that was refused.

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Gunnlaugsson had earlier requested the country’s president, Olafur Ragnar Grimsson, to dissolve parliament, but it was refused.

Grimsson said he wanted to speak to political parties first.

He had told reporters, “I do not think it is normal that the prime minister alone… should be given the authority to dissolve the parliament without the majority of the parliament being satisfied with that decision.”

On Monday, Gunnlaugsson had refused to resign but he came under sharp attack from his own government’s coalition partners forcing him to take to Facebook on Tuesday to outline his position.

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He wrote on his social media page, “I told the leader of the Independence Party that if the party’s parliamentarians think they cannot support the government in completing joint tasks, I would dissolve parliament and call a general election.”

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