“The leak, which includes 11.5 million documents and is being touted as the biggest data dump in history, not only identified Iceland’s prime minister the owner of an offshore company set up by the Panamanian law firm Mossack Fonseca, it also implicated his interior and finance ministers.”
Here are more details on why Sigmundur Davið is facing a huge backlash now:
… Davið and his wife started an offshore company in 2007 which had bonds in three Icelandic Banks: Kaupthing, Landsbanki and Glitnir… In 2008, the economic crash happens. These three banks go into insolvency–meaning they collapsed and have to start paying off their debts as best they can–starting with people’s savings and then bonds. In 2009, Sigmundur Davið became the chairman for the Progressive Party and was elected into parliament in April of 2009….
Of course, Davið’s interests in the collapsed banks was never disclosed, nor the conflict of interest (not to mention hypocrisy) that entailed…