Nawaz becomes the second casualty of the "Panama Papers" after the Iceland prime minister resigned in April of 2016 under similar circumstances.

A statement from Sharif's Pakistan Muslim League-N party said he had stepped down as prime minister immediately following the verdict but added that "constitutional and legal requirements for a fair trial were trampled over." His party is now expected to name a new prime minister. As the WSJ adds, "aides to Mr. Sharif, who has denied the accusations and said he has done nothing improper, warned that stability and democracy in the nuclear-armed nation are threatened by political turmoil. Pakistan has been ruled for nearly half its existence by the military, while civilian governments have usually not completed their terms. Elections are due next year."