PM David Cameron Admits Panama Papers Link: Will He Resign?

British Prime Minister David Cameron admitted today that he profited from his father’s offshore trust, which was revealed in the massive Panama Papers leak. David Cameron’s opponents are already calling for his resignation, so is this the end for the British Prime Minister?

After three days of misleading statements from David Cameron, dodging the question of the Panama Papers leak, the British Prime Minister admitted today that he has profited from his father’s offshore trust. The trust, which is in David Cameron’s father’s name, was revealed in this weekend’s massive leak of confidential documents from secretive law firm Mossack Fonseca, which was used by world leaders to hide wealth in overseas tax havens.

This week saw the resignation of Iceland’s Prime Minister, Sigmundur Gunnlaugsson, over his involvement in offshore investments revealed in the Panama Papers leak, leading some commentators to speculate that Britain Prime Minister David Cameron might be the next government official to resign in disgrace after being named in the Panama Papers. Although David Cameron himself isn’t named in the Panama Papers, his father, Ian Cameron, had a large offshore trust set up overseas by the law firm Mossack Fonseca.

Prime Minister David Cameron admitted today the extent of his involvement in the offshore tax haven revealed in the Panama Papers, stating that he did own shares in his father’s tax haven fund, totaling about 31 thousand pounds, which he sold just prior to taking office as Prime Minister in 2010. The Guardian reports that David Cameron sat down with ITV News reporters today in order to come clean about his involvement in the offshore trust owned by his father.

“It’s been a difficult few days,” said Prime Minister David Cameron today, speaking with ITV News.

Cameron reportedly sold his interest in the offshore trust named in the Panama Papers leak and states that he did so in order to avoid any potential scandal. David Cameron maintains that he has done nothing wrong and that his stake in the controversial offshore tax haven was sold before he took office as Prime Minister. He is quick to point out.

“I obviously can’t point to the source of every bit of money and Dad’s not around for me to ask the questions now,” said David Cameron today, speaking with ITV News about the Panama Papers leak and his involvement in offshore tax havens.

The Guardian reports that today’s admission is the fifth explanation in four days of his involvement in the offshore banking scandal revealed by the Panama Papers. Initially, David Cameron insisted that it was a private matter and that he had no intention of commenting on private banking concerns. Next, he stated unequivocally that he had no offshore wealth and no offshore funds. The latest explanation, released today during Cameron’s interview with ITV News, asserts that he simply doesn’t benefit from his father’s offshore wealth.

“The prime minister, his wife and their children do not benefit from any offshore funds,” said the Prime Minister’s office today.

David Cameron was pressed by a student at a campaign event this week, who alleged Cameron’s own involvement in tax avoidance, as illustrated in the Panama Papers leak.

“I am very interested in what the collective EU states could do to combat tax avoidance, something you have personal experience with,” said the student during a campaign stop this week.

For his part, David Cameron maintains that there was no wrongdoing and that he sold his financial interest in the offshore Panama Papers account long ago.

“I was keen in 2010 to sell everything, shares all the rest of it, so I can be very transparent. I don’t own any part of any company or any investment trust or anything else like that,” said David Cameron today, discussing the Panama Papers leak with ITV News.

[Photo by Dan Kitwood – WPA Pool/Getty Images]