Panama Papers Update: Pakistan Prime Minister Resigns

As reported on 7/28/17 by the NY Times Nawaz Sharif, Pakistan Prime Minister, resigned after the Pakistan Supreme Court ordered his removal for corruption.

In 2016, the Panama Papers disclosed that Sharif and 3 of his children owned expensive residential real estate in London held anonymously thru offshore companies.

The Court held that Sharif was not honest, and disqualified to be a member of Parliament. The Court ordered the opening of criminal investigations against the Sharif family who were found to be living beyond their means, failed to present a paper trail of the money they used to purchase the London apartments and falsified records in support of their purchases.

Sharif is the second Prime Minister to now be forced to resign due to disclosures in the Panama Papers. In 2016, the Iceland Prime Minister and his spouse concealed millions of dollars worth of investments in an offshore company, which was disclosed and forced his resignation.

The Panama Papers financial fallout has now claimed two prominent politicians and is now expanding to include soccer stars that used offshore company to conceal income received from monetization of Celebrity Image Rights (name and likeness).

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