Iceland prime minister resigns after data leak reveals his offshore accounts

Iceland’s prime minister Sigmundur David Gunnlaugsson will resign over revelations of his offshore investments, local media reported Tuesday.

The prime minister will tender his resignation amid uproar over his family’s offshore holdings, Agriculture Minister Sigurdur Ingi Johannsson was quoted as saying on local broadcaster RUV, the Associated Press reported.

The prime minister’s resignation is the first major fallout following a massive data leak of more than 11 million documents that revealed the secret financial dealings shared by thousands of rich and powerful people around the globe and a Panamanian law firm.

The prime minister’s resignation isn’t official until Iceland’s Independence party and President Ólafur Ragnar Grímsson approve the move, The Guardian reported.

The leaked Panama Papers showed that the prime minister and his wife bought an offshore company in 2007. Gunnlaugsson failed to declare interest in the company when he entered parliament two years later, BBC reported.

The documents also implicated FIFA officials and world leaders, including Ukrainian President Petro Poroshenko and the associates of Russian President Vladimir Putin.