Panama papers

Iceland’s Prime Minister Resigns, First Casualty of #PanamaPapers

The prime minister, who was elected to parliament as a reformer in 2009, promising transparency following the ruinous collapse of three Icelandic banks the year before, failed to disclose that his family secretly held bonds worth millions of dollars in the same banks, through a shell company in the British Virgin Islands.

Gunnlaugsson told members of his Progressive Party that he would be replaced by the minister of fisheries, Sigurður Ingi Jóhannesson, according to Reykjavik Media, a local investigative site whose founder, Jóhannes Kr. Kristjánsson, confronted the prime minister during an on-camera interview broadcast on Sunday.