Icelandic PM to resign amid offshore holdings controversy

FILE - This is a Monday April 4, 2016 file photo of people who gathered to demonstrate against Iceland's prime minister, in Reykjavik. Iceland’s president on Tuesday April 5, 2016, refused a request from the prime minister to dissolve parliament and call a new election amid a dispute over the premier’s offshore tax affairs. (AP Photo/Brynjar Gunnarsson, File)

REYKJAVIK, Iceland (AP) — Icelandic Prime Minister Sigmundur David Gunnlaugsson will resign amid the controversy over his offshore holdings.

Agriculture Minister Sigurdur Ingi Johannsson told Icelandic broadcaster RUV that Gunnlaugsson was stepping down as leader of the country’s coalition government.

Opposition lawmakers say Gunnlaugsson’s offshore holdings amounted to a major conflict of interest with his job.

Gunnlaugsson is the first major scalp from a leak of more than 11 million documents from a Panamanian law firm showing tax-avoidance arrangements of the rich and famous around the world.

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