June 21, 2018 / 2:09 PM / 5 months ago

French bank SocGen says has wound down contracts with Mossack Fonseca

FILE PHOTO: A logo of French bank Societe Generale is pictured on a building in Geneva, Switzerland, November 8, 2017. REUTERS/Denis Balibouse/File Photo

PARIS (Reuters) - French bank Societe Generale (SOGN.PA) said it had wound down its clients’ contracts with Mossack Fonseca, the law firm forced to close after millions of its documents were stolen and made public in the so-called “Panama Papers” tax evasion scandal.

SocGen said on Thursday it had ended the contracts in line with earlier declarations it made in 2016 and 2017. Newspaper Le Monde earlier reported the bank had wound down some 60 offshore vehicles linked to the Panamanian firm.

“Societe Generale Private Banking works exclusively with jurisdictions operating to the highest standards in terms of fiscal transparency,” SocGen said in a statement.

The so-called Panama Papers, which consist of millions of documents stolen from Mossack Fonseca and leaked to the media in April 2016, provoked global outrage after they showed how the rich and powerful used offshore corporations to evade taxes.

In March, Mossack Fonseca announced it would be shutting down due to the economic and reputational damage inflicted by the scandal.

Reporting by Sudip Kar-Gupta; Editing by Richard Lough and Elaine Hardcastle

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