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Iceland’s President Connected to Offshore Company

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Iceland’s President Connected to Offshore Company

Ólafur Ragnar Grímsson

Photo: Páll Stefánsson.

Despite denying having any connection to an offshore company in a CNN interview Friday, it turns out Iceland’s President Ólafur Ragnar Grímsson actually does, Reykjavík Grapevine reports. The connection is through his wife.

Iceland’s First Lady Dorrit Moussaieff’s family business is called Moussaieff Jewelers Limited (MJL). Her parents are shareholders in a company called Lasca Finance Limited (LFL), which was registered in the British Virgin Islands from 1999 to 2005. This was revealed in the so-called Panama Papers, millions of documents leaked from a notorious Panama law firm. LFL was paid interest by MJL from at least 2000 till 2005.

In 2006, LFL all but disappears, but a new company appears in Hong Kong, Moussaieff Limited, solely owned by Dorrit’s mother. That company has been active at least through March 31, 2015. Hong Kong ranks second on the Financial Secrecy Index, although it’s not defined as a tax haven.

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