• First victim of leaked papers, Iceland PM quits
Another prominent Nigerian politician, Senator David Mark, retired Army General and immediate past Senate President has been named in the Panama Papers, a huge leak of confidential documents detailing how the rich and powerful across the globe, use tax havens to hide their wealth.
Former Delta State Governor James Ibori and Mark’s successor, Senate President Bukola Saraki had been mentioned earlier in the documents. The expose from the Mosseca Fonseca law firm database showed that Mark is one of Nigeria’s most extensive users of offshore shell companies, even while being a public official.
The documents linked Mark to eight active companies registered in the British Virgin Island, namely: Sikera Overseas S.A, Colsan Enterprises Limited, Goldwin Transworld Limited, Hartland Estates Limited, Marlin Holdings Limited, Medley Holdings Limited, Quetta Properties Limited, and Centenary Holdings Limited.
In the documents, Mark was repeatedly marked as a politically exposed person, and at a point the former Senate President had to send documents, across to Mosseca Fonseca to prove that he was clean.
It remains unclear what businesses Mark is conducting with the companies. The report from the law firm stated that Mark allegedly opened the accounts when he was in public office, in violation of a federal code of conduct law.
Section 6(b) of the Code of Conduct Act says a public office holder shall not, “except where he is not employed on full time basis, engage or participate in the management or running of any private business, profession or trade”. Senator Mark’s spokesperson, Paul Mumeh, declined to comment when Daily Sun called him on telephone yesterday evening.
Meanwhile, Iceland’s prime minister has sensationally resigned two days after he was caught up in the offshore tax scandal. Sigmunder David Gunlaugsson, 41, is the first victim from the leaked Panama Papers.
The documents claimed he and his wife set up a company in the British Virgin Islands to hide millions of pounds with the help of Panama law firm Mossack Fonseca. The revelations sparked fury across Iceland, with thousands gathering outside parliament to demand he stand down and opposition leaders presenting a motion of no-confidence against him.
Gunlaugsson, who denies wrongdoing, initially refused to quit and asked President Olafur Ragnar Grimsson to dissolve government and call a snap election instead. But just hours later, he left it to his deputy to announce his dramatic U-turn. The Progressive party’s deputy leader and Agriculture Minister Sigurdur Ingi Johannsson told Icelandic broadcaster RUV: “The prime minister told (his party’s) parliamentary group meeting that he would step down as prime minister and I will take over.”
Leaked financial documents allege that he and his wife set up a company in the British Virgin Islands with the help of a Panamanian law firm. He is accused of a conflict of interest for failing to disclose his involvement in the company, which held interests in failed Icelandic banks that his government was responsible for overseeing.
Gunnlaugsson has been under pressure to resign since leaked financial documents showed that he and his wife Anna Sigurlaug Palsdottir owned an offshore company in the British Virgin Islands.