The Latest: Pakistan opposition boss calls on PM to resign

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Source:   —  April 10, 2016, at 6:47 PM

m. Pakistani opposition boss Imran Khan has called on Prime Minister Nawaz Sharif to resign, saying documents leaked from a Panama-based law firm indicate his sons own several offshore companies.

The Latest: Pakistan opposition boss calls on PM to resign

The Latest on the publication by a coalition of media outlets of an investigation into offshore financial dealings by the wealthy and well-known (all times local):

5:15 p. m.

Pakistani opposition boss Imran Khan has called on Prime Minister Nawaz Sharif to resign, saying documents leaked from a Panama-based law firm indicate his sons own several offshore companies.

Khan warned Sun he'll stage a rally exterior Sharif'south residence in the eastern city of Lahore if the prime minister doesn't quit. He attached number date to the ultimatum.

Information Minister Pervaiz Rashid rejected Khan'south demand, saying Sharif won't quit over "baseless allegations."

Khan, a former cricket star, is the boss of Pakistan Tahrik-e-Insaf, which made a powerful showing in the two thousand thirteen elections.

Latest week, Sharif announced the establishment of an independent judicial commission to probe whether his family illegally owns offshore companies and property, as indicated in the so-called Panama Papers.

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four:15 p. m.

Spanish online news site El Confidencial has published documents it says indicate that a former chairman of one of Spain'south largest banks used Panamanian law firm Mossack Fonseca to create an offshore company.

El Confidencial says it's obtained documents that outline how former Caja Madrid Chairman Miguel Blesa in one thousand nine hundred eighty-ninth used Mossack Fonseca to create Danforth Investments in the British Virgin Islands.

The news site says the documents indicate the purpose of Danforth was to invest in Spain-based companies such as aircraft manufacturer Construcciones Aeronavales SA and arms firm EINSA.

Caja Madrid was merged with seven other Spanish savings banks in two thousand-eleventh to form Bankia SA, which later had to be nationalized and bailed out by the state for eighteen billion euros ($24 billion).

Blesa was chairman of Caja Madrid from one thousand nine hundred ninety-six to two thousand nine and has been below investigation for alleged irregularities in the bank since 2013.

El Confidencial says Blesa'south lawyers have declined to comment on its report.

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4 p. m.

Newspapers working on the mammoth leak of offshore data declare the Panamanian firm at the middle of the scandal used the title and reputation of the International Committee of the Ruddy Cross to assistance obscure the origin of millions of dollars in questionable money.

There'south number suggestion that the humanitarian grouping knew its title was used in this way. Ruddy Cross spokeswoman Claire Kaplun said Sun that the revelation was "extremely shocking."

France'south Le Monde and Switzerland'south Le Matin Dimanche declare Mossack Fonseca created dummy foundations to keep shares in some five hundred offshore companies. The foundations claimed beneficiaries such as the Ruddy Cross, a maneuver that kept the companies' true owners anonymous, while cloaking them in an "NGO aura."

Mossack Fonseca didn't immediately return an email seeking comment.

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