Offshore Leaks Record

Iceland · Panama Papers

Sigmundur Davíð Gunnlaugsson: offshore leaks and what happened next

Resigned Gunnlaugsson resigned as prime minister on 5 April 2016, and no criminal charge against him 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 Gunnlaugsson and his wife shared ownership of Wintris Inc., a British Virgin Islands company that held bonds in three failed Icelandic banks, when he entered parliament in 2009, and that he sold his stake to his wife for 1 dollar months later. ICIJ reported that his government negotiated with bank creditors without disclosing the family's stake.1

Response

Gunnlaugsson denied that his family's interests influenced his positions, ICIJ reported. In a statement reported by NPR, he said the Wintris holdings had appeared on his wife's tax returns since 2008, that taxes were paid in Iceland and that no parliamentary disclosure rules had been broken.1,3

What happened afterwards

  1. Resigned, Government of IcelandGunnlaugsson stepped down as prime minister after protests outside parliament and ahead of a planned no confidence vote, Al Jazeera reported. NPR reported that Fisheries and Agriculture Minister Sigurdur Ingi Johannsson was expected to lead the government until elections.2,3

Sources

  1. ICIJ, Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corruption (3 April 2016)
  2. Al Jazeera, Sigmundur Gunnlaugsson resigns over Panama Papers scandal (5 April 2016)
  3. KPBS (NPR), Iceland's Prime Minister Resigns Amid Panama Papers Scandal (NPR) (5 April 2016)