Thousands demand Iceland Prime Minister David Gunnlaugsson resign over ‘Panama Papers’ revelations

Iceland’s prime minister has rebuffed calls to resign following allegations he hid million dollar investments overseas. The revelations are part of the “Panama Papers” leaks published by a consortium of media.

Crowds poured into the square outside parliament in Reykjavik late Monday calling for Sigmundur David Gunnlaugsson to step down after leaked financial records showed he and his wife bought a company in the British Virgin Islands in 2007.

News reports have alleged that Gunnlaugsson and his wife set up a shell with the help of a Panamanian law firm at the center of a massive tax evasion leak. The reports have prompted calls for a no-confidence vote in parliament against him.

But the 41-year-old leader remained defiant Monday telling parliament: “I have not considered quitting because of this matter nor am I going to quit because of this matter.”