Financial Market Brief May 27
In early April 2016, the phrase ‘Panama Papers’ was coined following the unprecedented leakage of over 11.5 million files from the data base of Mossack Fonseca, the world’s fourth largest offshore law firm. The stolen information was first leaked to a German newspaper which gave the data to the International Consortium of Investigative Journalists (ICIJ). The ICIJ then passed the information on to its large network of global media partners. The information underwent a detailed analysis for over a year before it was released to the public. Among the information disclosed, were over 140 politicians and associated persons with offshore accounts. So far, a major causality stemming from the release of the Panama Papers was the resignation of Iceland’s Prime Minister, after it was revealed that he and his wife co-owned an undisclosed company setup in the British Virgin Islands to hold personal investments. Weekly_Market_Recap_27_May2016 Click here for full Weekly Market Recap

CFAL, Third Floor, 308 East Bay Street, P.O.Box: CB 12407, Nassau, New Providence, The Bahamas. Tel: 242-502-7010