British Prime Minister David Cameron has admitted that he has benefited from a Panama-based offshore trust set up by his late father. In an interview with television channel ITV, Mr Cameron said, he held around 30,000 pounds stake in an offshore tax haven fund, but sold it in 2010, four months before he became the Prime Minister. He said, he paid income tax on the dividends and sold up before entering Downing Street as he did not want anyone to point at him saying he has other agendas or vested interests.
Downing Street has issued four statements on the issue following Sunday’s publication of the leaked Panama Papers which showed how Panama-based law firm Mossack Fonseca had helped firms and wealthy individuals set up offshore companies. Downing Street first dismissed the story as a private matter on Monday before saying Cameron had no offshore funds, then saying he and his wife and children did not benefit from any offshore funds. It later added that Cameron would not benefit from such funds in the future.
Meanwhile, Russian President Vladimir Putin has denied having any links to offshore accounts after the Panama Papers claimed his longtime friend ran a 2-billion dollars offshore empire. Speaking at a media forum in St Petersburg, Mr Putin defended his friend, describing him as a philanthropist who spent his own money to buy rare musical instruments for Russian state collections. He described the allegations as part of the US-led disinformation campaign waged against Russia.