'Dodgy Dave' Off the Hook: British PM Escapes Tax Affairs Probe

A sign held during the March for Health, Homes, Jobs and Education in London on 16 April 2016. (Photo: RonF via The Weekly Bull/flickr/cc)

'Dodgy Dave' Off the Hook: British PM Escapes Tax Affairs Probe

Prime Minister made over $27,000 profit from selling his shares in offshore fund set up by his father

"Dodgy Dave" appears to be off the hook.

According to new reporting on Thursday, British Prime Minister David Cameron will not face an inquiry by the parliamentary watchdog over controversy surrounding his benefiting from an offshore fund.

The Guardian and Press Association report that the Parliamentary Commissioner for Standards, Kathryn Hudson, said she would not probe the matter. She did not explain why.

Cameron, who was dubbed Dodgy Dave last week by Labour MP Dennis Skinner, was among the global elite linked to revelations in the Panama Papers.

The trove of documents showed that his late father had set up a Panama- and Bahamas-based fund, Blairmore. Cameron was forced to admit, after "days of stalling and four partial statements" in the wake of the release of the papers, as the Guardian reports, that he made a PS19,000 (over $27,000) profit from selling his shares in the offshore fund in early 2010, just months ahead of taking office. He dismissed claims that he was a tax dodger.

He said that selling them was "the simplest and clearest way" he could show he had no conflict of interest.

Many of his critics, though, critics saw a hypocritical message from the PM, as Cameron in 2013 intervened to prevent the UK from being pulled into an EU-wide crackdown on offshore tax havens.

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"After years of calling for tax transparency and attacking complex offshore tax arrangements as 'morally wrong,' the Prime Minister has shown to have personally benefited from exactly such a secretive offshore investment," Labour Leader Corbyn said in a statement. "Once again the message has gone out that there is one rule for the wealthy and another for the rest of us."

The complaint to the Standards Commissioner was submitted by Campaigning Labour MP John Mann, who said, "Transparency and integrity are two of the basic standards MPs must adhere to."

The Panama Papers revelation has prompted protests and calls for Cameron's resignation.

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