Iceland · Panama Papers
Bjarni Benediktsson: offshore leaks and what happened next
No official action reported Benediktsson did not resign over the Panama Papers, and no investigation or official finding concerning Falson and Co was reported in the sources reviewed.2,3
Being named in a leak is not evidence of wrongdoing, and owning an offshore company can be legal. Each record sets out what was reported, the person's response, and what official action, if any, followed.
What was reported
ICIJ reported that Benediktsson and two Icelandic businessmen owned Falson and Co, a Seychelles company with bearer shares, bought in 2005 through the Luxembourg branch of Landsbanki and struck off the register in 2010.1
Response
Benediktsson told ICIJ the company was created to hold four apartments in a Dubai building, sold at a loss in 2009, and that he declared his ownership to the tax authorities in Iceland. He later made his tax return information public, and an Ernst and Young accountant stated that Falson and Co was reported on his tax returns, The Reykjavík Grapevine reported.1,3
What happened afterwards
- No action reported, None reportedAsked whether he would quit, Benediktsson said no, The Express Tribune reported a week after the prime minister resigned. Neither this report nor The Reykjavík Grapevine described any investigation of him.2,3
Sources
- ICIJ, Bjarni Benediktsson (Offshore Leaks stories) (2016)
- The Express Tribune, Iceland finance minister says won't resign over Panama Papers leaks (April 2016)
- The Reykjavík Grapevine, Finance Minister Releases Tax Information To Public (15 April 2016)