Iceland Prime Minister Sigmundur Gunnlaugsson has stepped down following the leak of the Panama Papers in which he was named as one of the world leaders involved in one of the largest offshore finance scandals in history. Minister of Agriculture and Fisheries Sigurdur Ingi Johannsson has been appointed as the new Prime Minister.

The leaked data from Panama-based offshore law firm Mossack Fonseca revealed that Gunnlaugsson owned an offshore company named Wintris in 2007 with his wife but did not declare it in his statement of assets and liabilities when he entered parliament in 2009.

After eight months of acquiring the company, Gunnlaugsson shared 50% of his share in the company to his wife, Anna Sigurlaug Palsdottir, for $1.

According BBC, Sigmundur Gunnlaugsson contends he broken no rules and that he and his wife did not benefit financially from the company. In a document signed by Palsdottir in 2015, it was indicated that the offshore company was used to invest millions of inherited money.

It was also revealed that Wintris invested in three major Icelandic banks that collapsed in the 2008 financial crisis.

TIME reported that Sigurdur Ingi Johannsson was appointed by Iceland's ruling coalition. He will serve as Iceland's prime minister until elections take place in the fall.

However, Gunnlaugsson has clarified that he has not in fact resigned from office, and that Johansson was merely assuming the position as an interim officer.

Icelanders have staged a mass protest outside of parliament to call for snap elections in the wake of the Panama Papers leak.

"We have to be able to have our say on what has happened. It has done great damage. We want these people to go - and go for good," said Atli Magnusson, one of the protesters, as quoted by The Guardian.

In the meantime, the next step Johansson will take is seek the approval of President Olafur Ragnar Grímsson.