British Prime Minister David Cameron acknowledged on Thursday that he held a profitable stake in his father’s offshore company. He said that he sold the company for £30,000 (AU$56,055) before he assumed office.
Cameron finally made the admission after days of dodging questions since the Panama Papers leaks. The leaks brought into the open about 11 million documents containing details of the offshore tax havens of the rich and powerful people of the world.
The documents revealed that Cameron’s late father, Ian Cameron, owned a fund called the Blairmore Holdings. However, the PM said that he sold off his interest in the company months before he became the prime minister.
The trust, based in Panama, did not require to pay British taxes on its profits. However, Cameron said that both he and his father followed the law and paid taxes on the dividends earned by the company.
“I don’t have anything to hide,” the Washington Post quoted him as saying. “I’m proud of my dad and what he did and the business he established.”
PM David Cameron defended his family’s status. “I can’t bear to see his name being dragged through the mud, as you can see, and for my own, I chose to take a different path from my father, grandfather, and great-grandfather, who were all stockbrokers, and I’ve got nothing to hide in my arrangements and I’m very happy to answer questions about it.”
Initially, the Downing Street staffers said that whether or not Cameron made any profits from the fund is a private matter. The office issued a number of statements later saying that the prime minister doesn’t currently benefit from the company or have any possibility to do so in the future.
The opposition Labour Party condemned how the information on the prime minister was revealed to the public. It also said that the revelation will raise questions on why Cameron did not admit that he made profits from the offshore company earlier, the Independent reported.