Mossack Fonseca, the offshore law firm whose 11.5 million leaked files were at the heart of the Panama Papers tax avoidance investigation, is to close
In a statement to the International Consortium of Investigative Journalists (ICIJ), which first made public details of offshore vehicles used by a range of business people, politicians and others, the firm is to shut at the end of the month.
The statement said: ‘The reputational deterioration, the media campaign, the financial siege and the irregular actions of some Panamanian authorities have caused irreparable damage, whose obligatory consequence is the total cessation of operations to the public.’
Mossack Fonseca said it would ‘continue to call for justice’ and would cooperate with authorities to ‘demonstrate that no crime has been committed.’
The closure comes almost two years after the Panama Papers investigation revealed details of more than 214,000 offshore entities tied to 12 current or former heads of state, 140 politicians and others. The ICIJ says governments in Europe, Africa, Asia and the Americas have recovered more than $500m (£355m) as a result of the disclosures.
Founded in 1986, the Panama law firm grew into an offshore empire with more than 40 offices around the world, from the British Virgin Islands to New Zealand. In 2013, it employed more than 600 people and its billings exceeded $42m.
Mossack Fonseca closure statement is here.
Report by Pat Sweet
