Panama Papers law firm to close after massive data leak

By Mustafa Deveci

ANKARA

A Panama-based law firm, at the center of the Panama Papers tax evasion scandal, said it was shutting down at the end of March due to "economic and reputational damage".

Mossack Fonseca, whose millions of documents of offshore dealings leaked in the media in April 2016, issued a written statement on Wednesday.

The papers, which revealed how wealthy corporations and individuals around the world evaded taxes by using offshore accounts, belonged to Mossack Fonseca and is based on the company's records between 1977 and 2015.

"The reputational deterioration, the media campaign, the financial circus and the unusual actions by certain Panamanian authorities, have occasioned an irreversible damage that necessitates the obligatory ceasing of public operations at the end of this month,” the firm said.

The firm, which had representatives in 40 countries with “more than 600 collaborators" until the data leak, said only a small crew would remain.

"We will continue fighting for justice," the firm said, adding it would also continue to cooperate with authorities.

The files contained 11.5 million documents, which showed how 140 politicians and officials, numerous wealthy individuals and corporations worldwide used Mossack Fonseca to set up offshore shell companies, which are typically used to conceal money from authorities.