Spain’s Industry Minister resigns after his name figures in the Panama Papers

Two Spanish news outlets have claimed they have documents which link Jose Manuel Soria and his brother to an offshore account.

Spain’s Minister of Industries Jose Manuel Soria has sent in his papers after his name was mentioned in the Panama Papers for having links in offshore dealings. His resignation is with immediate effect.

Although Soria has resigned he has denied any wrongdoings. He explained his resignation as a means to limit the damage to the country’s caretaker government – the People Party (PP). Allegations of Soria having links to an offshore company in the British isle of Jersey have acted as a pressure point.

This resignation comes at a crucial year as Spain is likely to face a second general election this June, following an inconclusive vote in December 2015.

As per the latest poll, the People Party is gaining significant ground despite a string of corruption scandals revolving around local politicians. PP’s increased popularity has been explained by many as a sign of voters getting tired of left-wing political failures to form a coalition government.

In the latest round of embarrassment, disclosures from the Panama Papers have put a spotlight on the murky world of offshore accounts, which caused major embarrassment to several world leaders, politicians, business tycoons, and public figures the world over.

Earlier this month, as a result of this leak, Iceland’s Prime Minister Sigmundur David Gunnlaugsson stepped down after documents linked him to an offshore company.

With two Spanish news outlets claiming they have documents linking Soria and his brother to an offshore company, Soria sent in his resignation papers to limit the damage to the government while denying the charges.


Categories: Economy & Finance, Geopolitics, Regulations & Legal, Strategy


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