Panama Papers law firm to close citing ‘reputational deterioration’
Mossack Fonseca, the troubled Panamanian law firm at the centre of the Panama Papers scandal is to cease trading at the end of March, the company announced on Wednesday.
In a statement released last night, the company cited “The reputational deterioration, the media campaign, the financial siege and the irregular actions of some Panamanian authorities, have caused irreparable damage,” the statement said. As a result there would be a “total cessation of operations to the public at the end of this month after 40 years.”
The Panama Papers scandal was triggered in April 2016 by a massive leak of 11.5m documents from Mossack Fonseca, then the fourth-biggest provider of offshore services worldwide. At the time the company claimed to employ more than 600 “collaborators” – a number that had dwindled to a staff of 50 by the time of yesterday’s announcement. At its peak the company maintained 40 offices around the world.
Mossack Fonseca and Company was established in Panama City in 1977 by Ramón Fonseca Mora and Jürgen Mossac.