Ukraine President Poroshenko denies offshore vehicle was set up to minimise taxes

Ukraine President Petro Poroshenko denied he put his assets in an offshore trust to minimise taxes, after the country's fiscal service said it was looking into documents relating to his offshore assets that were included in the "Panama Papers."

Poroshenko told reporters in Tokyo on Wednesday he had the offshore trust set up to separate his business and political interests after he became president and the arrangements were carried out with full transparency.

Iceland's Prime Minister Sigmundur David Gunnlaugsson became the first casualty of the leaked documents from a Panamanian law firm, resigning on Tuesday. The documents have shone a spotlight on the offshore wealth of politicians and public figures worldwide.

Ukraine's fiscal service will examine the documents relating to President Poroshenko's offshore assets, the head of the service, Roman Nasirov, said on Tuesday.