The Panamanian law firm will maintain a skeleton staff to comply with inquiries from the authorities.
The Panamanian law firm at the centre of a major data breach two years ago is to shut its doors. Mossack Fonseca suffered a hack with 11.5 million documents leaked to the press exposing the firm's wealthy clients. The firm will close down this month. It said the closure was the result of “irreversible damage” from the April 2016 information leak. 'The reputational deterioration, the media campaign, the financial circus and the unusual actions by certain Panamanian authorities, have occasioned an irreversible damage that necessitates the obligatory ceasing of public operations at the end of the current month,' the firm said in a statement. A small number of staff will be retained to comply with requests from authorities and other public and private groups. The firm said it would fight for justice and would continue to cooperate with authorities.
One of the largest offshore service providers
German lawyer Jürgen Mossack set up the law firm in 1977 with Panamanian lawyer Ramón Fonseca joining later. It was one of the world's largest providers of offshore services with offices in 40 countries and 600 staff which dropped to around 50 after the leaks.