HOW EUROPE WAS LEFT REELING FROM PANAMA PAPERS LEAK
Thanks to a massive leak of some 11 million documents, the world's financial and political leaders have been rocked by disclosures of offshore funds, tax evasion and money laundering. The shockwaves from the Panama Papers data-dump are still being felt across Europe, causing some very high-profile casualties. http://cnb.cx/1S0fgaT
- •UKPrime Minister David Cameron has had better weeks. As well fighting an increasingly bitter battle over the U.K.'s future in the European Union, the Panama Papers revealed that his late father, Ian, had used Mossack Fonseca to shield his investment fund from U.K. taxes.
- •FranceFormer head of the International Monetary Fund, Dominique Strauss-Kahn has turned up in the Panama Papers, according to Le Monde newspaper, as one of the directors of Leyne, Strauss-Kahn and Partners (LSK). The company, Le Monde reports, helps clients set up in tax havens through a subsidiary called ASSYA Asset Management Luxembourg (AAML), which had started operations in 2007 under different management before being bought in 2013 by LSK .
- •SwitzerlandNews of the investigation follows a raid by Swiss police on the headquarters of the European soccer body UEFA to gather information on a television rights deal reported in the Panama Papers and signed by its then head Gianni Infantino, who is now head of global soccer's FIFA. Infantino, who became FIFA president in February, said in a statement issued by the soccer body that he welcomed any investigation into the matter and was "dismayed that his integrity was being doubted," Reuters reported.
- •AustriaThe chief executive of Austrian bank Hypo Landesbank Vorarlberg has stepped down following revelations in the Panama Papers that the lender was connected to offshore companies via Liechtenstein, Reuters reported. The decision decision was prompted by various developments in the past year including the recent reports surrounding the leaked documents, the bank quoted chief executive Michael Grahammer as saying, Reuters reported.
- •IcelandIceland's government Wednesday named a new prime minister and called for early elections in the autumn, a day after Sigmundur David Gunnlaugsson quit as prime minister following revelations in the Panama Papers, Reuters reported. A poll by Icelandic media outlet Visir showed activist movement the Pirate Party would win the biggest share of the votes if elections were held now, Reuters reported.