The Prime Minister of Iceland has become the first major casualty of the leaked Panama Papers, as an investigation is launched into the names of 500 Indians that reportedly had offshore companies in Panama.
Amitabh Bachchan released a statement today, saying "I do not know any of the companies referred to by Indian Express - Sea Bulk Shipping Company Ltd, Lady Shipping Ltd, Treasure Shipping Ltd, and Tramp Shipping Ltd. I have never been a director of any of the above stated companies. It is possible that my name has been misused. I have paid all my taxes including on monies spent by me overseas. Monies that I have remitted overseas have been in compliance with law, including remittances through LRS, after paying Indian taxes. In any event the news report in Indian Express does not even suggest any illegality on my part."
Apart from Big B, Aishwarya Rai Bachchan, KP Singh (DLF), Sameer Gehlaut (Indiabulls) Onkar Singh Kanwar (Apollo Tyres), Vinod Adani (the older brother of Gautam Adani) and deceased Iqbal Mirchi, said to have been the right hand man of the underworld figure Dawood Ibrahim, are among the big names named in the leaked Panama Papers. All of them have vigorously denied any wrongdoing, but a probe has already been initiated into the matter.
Former Supreme Court Judge, Justice (retd) M B Shah, who heads the Special Investigation Team (SIT) on black money, said that he had already directed a probe into The Panama Papers, investigated by The Indian Express and the International Consortium of Investigative Journalists that has revealed over 500 Indians linked to offshore firms.
World leaders continue to react to the vast international investigation, with Iceland prime minister Sigmundur David Gunnlaugsson announcing his resignation today. The leaks from the Panama-based Mossack Fonseca law firm, showed Mr Gunnlauggsson owned an offshore company with his wife but did not declare it when he joined parliament.
While the allegation is that the PM concealed millions of dollars' worth of family assets, Mr Gunnlauggsson insists he sold his shares to his wife and has denied any wrongdoing.
Elsewhere, British prime minister David Cameron, also implicated in the mass document leak, is insisting he does not own any shares or have offshore funds.
It comes after it was revealed his late father was included in the list of clients of the Panama-based law firm Mossack Fonseca.
Pakistan's prime minister, Nawaz Sharif, is also facing serious questions over his wealth in the wake of the scandal. The document leak has confirmed the Sharif family controls a vast land-and-property portfolio, both in Pakistan as well as overseas.
Speaking in the wake of the revelations, Mr Sharif has announced he will create a commission looking into the allegations. He has also defended his family's business practices, describing the corruption claims as "old accusations."
