Despite saying in the wake of the Panama Papers leak that he had "no shares, no offshore trusts, no offshore funds," British prime minister David Cameron now admits he held shares in his late father's offshore investment fund, the Guardian reports. Ian Cameron's fund, as detailed in the Panama Papers, reportedly avoided paying taxes in the UK by getting Bahamas residents to sign its paperwork. The prime minister says he and his wife sold their shares in his father's fund for more than $44,000 in 2010, Sky News reports.
Cameron says he paid the appropriate UK taxes on the sale and doesn't have "anything to hide." He also stood up for his father, who he says didn't set the fund up offshore to avoid paying taxes. "I'm proud of my dad and what he did and the business he established and all the rest of it," he tells Sky. "I can't bear to see his name being dragged through the mud." (Read more Panama Papers stories.)