IcelandicPrime Minister Sigmundur Davíð Gunnlaugsson resigned April 5 after seeking the dissolutionof the country's parliament, the FinancialTimes reported the same day.

Gunnlaugssonwas under significant pressure to resign after documents leaked from Panamanianlaw firm Mossack Fonseca revealed that he once owned an offshore company with claimson the country's three collapsed banks, the paper reported. The company is nowcontrolled by his wife, the paper noted.

Followingthe revelations, Gunnlaugsson maintained that neither he nor his wife had done anythingillegal.

SigurðurIngi Jóhannsson, the country's minister of fisheries and agriculture, willsucceed Gunnlaugsson to attempt to continue the present coalition government,according to the report.

Earlier,the country's president, Ólafur Ragnar Grímsson, refused Gunnlaugsson's requestto dissolve the parliament as he wanted to meet and decide with other politicalleaders to ensure a solution that was in the national interest, the paperreported.