April 8, 2016
The latest fallout from the leak of the so-called Panama Papers this week are the resignation of the chairman of a state-owned Austrian bank and revelation of more details of a corruption scandal at Norway’s Yara International.
Michael Grahammer, chairman of Hypo Landesbank Voralberg, stepped down from his post suddenly late Wednesday, citing pressure from the media over the bank’s alleged ties to offshore financial accounts.
The bank on Monday confirmed media reports that showed it had ties to offshore entities, including in Liechtenstein. Those reports were based on a flurry of documents allegedly leaked from Panama-based law firm Mossack Fonseca, which have been dubbed the Panama Papers. Mr. Grahammer, who had served as chairman since 2012, denied any wrongdoing.