‘Panama Papers’ law company chief passes away

(MENAFN) The Panamanian banker and senior partner of the now-defunct law firm at the center of the Panama Papers scandal, Ramon Fonseca, has passed away at the age of 71, as confirmed by his lawyer. Fonseca's death marks the end of a tumultuous chapter in which over 11 million documents from the firm Mossack Fonseca were leaked, exposing a global elite's use of offshore accounts for financial dealings.

The Panama Papers leak, which occurred in April 2016, triggered a series of international investigations that implicated individuals from 170 countries, including some 130,000 people. Despite maintaining that their business practices were legitimate, Fonseca and his business partner Jurgen Mossack were unable to salvage the reputation of their firm, which ultimately closed its doors in 2018 due to irreparable damage.

Former Panamanian President Ricardo Martinelli paid tribute to Fonseca, describing him as a multifaceted individual who excelled in various fields, including law, writing, and politics. However, Martinelli also leveled accusations against his successor, Juan Carlos Varela, alleging Varela's involvement in what he termed as an "atrocious persecution" of Fonseca.

Fonseca's demise occurred at a Panama City hospital, with details of his medical condition remaining undisclosed. It was reported that his health condition prevented him from attending the trial, where he and Mossack faced charges related to concealing information from banks and engaging in illicit financial activities in Germany and Argentina. The trial concluded on April 19, with prosecutors seeking 12 years in prison for both individuals.

The repercussions of the Panama Papers scandal were far-reaching, impacting prominent figures such as billionaires, Hollywood stars, athletes, politicians, and national leaders listed on the Forbes List. The revelations underscored the pervasive use of offshore accounts for financial transactions, leading to heightened scrutiny of global financial systems and calls for increased transparency and accountability.



Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.