Calls to quit over Panama Papers link

7 Days in Dubai - - GLOBAL NEWS -

Pak­istan’s op­po­si­tion leader Im­ran Khan has called on Prime Min­is­ter Nawaz Sharif to re­sign, say­ing doc­u­ments leaked from a Panama-based law firm in­di­cate his sons own sev­eral off­shore com­pa­nies.

Khan warned he will stage a rally out­side Sharif’s res­i­dence in the east­ern city of La­hore if the prime min­is­ter does not quit. He at­tached no date to the ul­ti­ma­tum.

In­for­ma­tion Min­is­ter Per­vaiz Rashid re­jected Khan's de­mand, say­ing Sharif will not quit over “base­less al­le­ga­tions.”

Khan, a for­mer cricket star, is the leader of Pak­istan Tahrik-e-In­saf, which made a strong show­ing in the 2013 elec­tions.

Last week, Sharif an­nounced the es­tab­lish­ment of an in­de­pen­dent ju­di­cial com­mis­sion to probe whether his fam­ily il­le­gally owns off­shore com­pa­nies and prop­erty, as in­di­cated in the so-called Panama Papers.

The fall­out of the Panama Papers con­tin­ues to rum­ble across the globe. Ice­land’s Prime Min­is­ter has re­signed Sig­mundur David Gunnlaugs­son over his hid­den off­shore deal- ings, while British PM David Cameron faced stern ques­tions over his in­vest­ment in an off­shore fund.

Span­ish on­line news site El Con­fi­den­cial mean­while, pub­lished doc­u­ments it says show that a for­mer chair­man of one of Spain’s largest banks used Pana­ma­nian law firm Mos­sack Fon­seca to cre­ate an off­shore com­pany.

El Con­fi­den­cial says it has ob­tained doc­u­ments that out­line how for­mer Caja Madrid Chair­man Miguel Blesa in 1989 used Mos­sack Fon­seca to cre­ate Dan­forth In­vest­ments in the British Vir­gin Is­lands.

It says the doc­u­ments show the pur­pose of Dan­forth was to in­vest in Spain-based com­pa­nies such as air­craft man­u­fac­turer Con­struc­ciones Aeron­avales SA and arms firm EINSA.

Caja Madrid was merged with seven other Span­ish sav­ings banks in 2011 to form Bankia SA, which later had to be na­tion­alised and bailed out by the state for 18 bil­lion eu­ros ($24 bil­lion). Blesa was chair­man of Caja Madrid from 1996 to 2009 and has been un­der in­ves­ti­ga­tion for al­leged ir­reg­u­lar­i­ties in the bank since 2013.

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