'Panama Papers' firm Mossack-Fonseca cites 'media campaign' in decision to close down

The Panamanian law firm from which more than 11m documents were leaked, leading to the “Panama Papers” scandal, is closing at the end of the month, AP has reported.

The data breach from the firm, Mossack-Fonseca, was published by members of the International Consortium of Investigative Journalists – including the Guardian and BBC Panorama in the UK – and shook the ranks of the rich and powerful.

The Pulitzer prize-winning investigation revealed on how the world’s wealthy exploit financial secrecy to hide assets.

The Financial Times quoted a statement the journalists’ consortium had obtained from Mossack-Fonseca as saying: “The reputational deterioration, the media campaign, the financial siege and the irregular actions of some Panamanian authorities, have caused irreparable damage”.

As a result there would be a “total cessation of operations to the public at the end of this month after 40 years”.

The statement said that at one time the firm had offices in 40 countries and some 600 employees, but after the 2016 publication of so many secrets it had closed offices and pared its staff to about 50.

Picture: Reuters/Carlos Jasso/Files

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