British PM admits he benefited from father’s offshore fund

Under pressure after Panama Papers leak, Cameron says he sold $42,177 stake in Bahamas-based trust in 2010

By AFP 8 April 2016, 12:37 am

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British Prime Minister David Cameron leaves 10 Downing Street in central London, December 2, 2015. (AFP Photo/Justin Tallis)

British Prime Minister David Cameron admitted Thursday he had held a £30,000 ($42,177) stake in an offshore fund set up by his father, after days of pressure following publication of the so-called Panama Papers.

Cameron said he sold the stake in the Bahamas-based trust in 2010, four months before he became prime minister, in an interview with television channel ITV.

Downing Street has issued four statements on the affair this week following Sunday’s publication of the leaked Panama Papers, which showed how Panama-based law firm Mossack Fonseca had helped firms and wealthy individuals set up offshore companies.

“We owned 5,000 units in Blairmore Investment Trust, which we sold in January 2010. That was worth something like £30,000,” Cameron said.

“I sold them all in 2010, because if I was going to become prime minister I didn’t want anyone to say you have other agendas, vested interests.”