Iceland's Finance Minister Bjarni Benediktsson said on Tuesday he would not resign over the Panama Papers leaks, which showed he was once had a stake in an offshore investment firm in the Seychelles.
Asked by reporters in London whether he would quit, Benediktsson answered: "No".
The statement came a week after Sigmundur David Gunnlaugsson resigned as prime minister over the leaked documents which showed his wife owned an offshore company that held debt from failed Icelandic banks.
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The International Consortium of Investigative Journalists, which saw the leaked papers from Panamanian lawyers Mossack Fonseca, said they showed Benediktsson and two Icelandic businessmen had power of attorney over a shell company called Falson & Co. created in 2005 in the Seychelles.
The Consortium reported that Benediktsson had confirmed he owned a third of the company and had said it was set up for investing in four apartments in a building which was being built in Dubai, but that the company had been wound down in 2009.
The wider revelations have triggered a political maelstrom in Iceland, further undermining confidence in its political and financial elite. A poll last week showed 69 percent of respondents wanted Benediktsson to resign.