Prime minister of Iceland under fire for tax havens offshore - from TRUNEWS

(TRUNEWS) The prime minister of Iceland is coming under fire for allegedly having ties to offshore companies used as tax havens.

Information about Sigmundur David Gunnlaugsson was leaked by a law firm in Panama that helps people hide their money in secret accounts, according to BBC.

“We can’t permit this. Iceland would simply look like a banana republic. No one is saying he used his position as prime minister to help this offshore company, but the fact is you shouldn’t leave yourself open to a conflict of interest. And nor should you keep it secret,” said former finance minister Steinbrimur Sigfusson in an interview with The Guardian.

The details were not disclosed when Gunnlaugsson became a member of parliament 7 years ago.

The information leaked shows in 2007 Gunnlaugsson was part owner in Wintris Inc., which was located in the British Virgin Islands.  His partner was Anna Sigurlaug Palsdottir, whom he later married.  Palsdottir’s family business had been sold in Iceland, and she was reportedly advised to set up the company as a tax haven for the proceeds.

Gunnlaugsson owned 50% in Wintris and then sold his shares to Palsdottir for one dollar.  Now officials claim Gunlaugsson never owned shares and that it was always his wife’s company. The error was fixed in 2009.

“It had always been clear to both of them that the prime minister’s wife owned the assets,” said a spokesperson, according to The Guardian.

When Gunnlaugsson became prime minister in 2013 that information was not revealed.

In later interviews, while prime minister, Gunnlaugsson was asked what he knew about Wintris.

“Well, it’s a company, if I recall correctly, which is associated with one of the companies that I was on the board of,” he said before ending the interview.

Gunlaugsson and Palsdottir have openly criticized the media reports, claiming they had disclosed all the information to tax officials in Iceland.  They said they have done nothing wrong.

The post Prime minister of Iceland under fire for tax havens offshore appeared first on TRUNEWS with Rick Wiles.

from TRUNEWS with Rick Wiles http://ift.tt/25Gd7Z9
via IFTTT