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Gerard Ryle, Director of the International Consortium of Investigative Journalists, tells USA TODAY how the Panama Papers came to be. USA TODAY
British Prime Minister David Cameron joins students at the launch of the 'Brighter Future In' campaign bus at Exeter University on April 7, 2016 in Exeter, England.(Photo: Dan Kitwood, Getty Images)
British<span style="color: Red;">*</span>Prime Minister David Cameron admitted Thursday that he profited from his late father's offshore investment revealed in the Panama Papers leak, according to U.K.<span style="color: Red;">*</span>newspapers.
Four months before becoming prime minister,<span style="color: Red;">*</span>David Cameron sold his stake in the fund for $42,000,<span style="color: Red;">*</span>
The Guardian<span style="color: Red;">*</span>reported.
"I am proud of my dad and what he did, the business he established and all the rest of it," Cameron said, according to the
Telegraph.<span style="color: Red;">*</span>"I can't bear to see his name being dragged through the mud."
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Cameron<span style="color: Red;">*</span>was linked<span style="color: Red;">*</span>to<span style="color: Red;">*</span>the scandal this week<span style="color: Red;">*</span>over his late father's connections to an investment fund that<span style="color: Red;">*</span>avoided paying tax in the<span style="color: Red;">*</span>United Kingdom<span style="color: Red;">*</span>by having its directors hold board meetings in Switzerland and the Bahamas rather than London.
Ian Cameron, a stock broker<span style="color: Red;">*</span>who died in 2010, was one of the people whose name appeared on<span style="color: Red;">*</span>documents stolen from Panamanian law firm<span style="color: Red;">*</span>Mossack Fonseca<span style="color: Red;">*</span>and leaked to dozens of media companies around the world.
The company Ian Cameron<span style="color: Red;">*</span>set up was called<span style="color: Red;">*</span>Blairmore.
On Thursday, David<span style="color: Red;">*</span>Cameron said he and his wife, Samantha, held 5,000 units in the Blairmore Investment Trust from 1997 to January 2010, the
Telegraph reported.
Cameron's office initially<span style="color: Red;">*</span>called the discovery a "private matter."
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The story behind the massive Panama Papers leak
Downing Street then confirmed<span style="color: Red;">*</span>that the prime minister does not hold any shares in the company. Cameron then released another statement saying, "In terms of my own financial affairs, I own no shares. I have a salary as prime minister and I have some savings., which I get interest from and I have a house, which we used to live in, which we now let out while we are living in Downing Street and that's all I have."
Cameron added: "I have no shares, no offshore trusts, no offshore funds, nothing like that. And, so that, I think, is a very clear description."
His office<span style="color: Red;">*</span>added that Cameron, his wife and children do not benefit from any offshore funds.
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