MADRID: Spain’s Minister of industry, energy and tourism, José Manuel Soria announced his resignation on Friday with immediate effect after alleged links to offshore dealings which emerged after he was named in the Panama Papers.

Soria has become the second big casualty of the Panama Leaks after a series of media revelations about his offshore business activities in other countries and tax havens appeared, identifying him as a director of a Bahamian firm, named U.K. Lines Ltd.

According to a spokesperson of the ministry, Soria has denied all wrongdoing, but said he was stepping down to limit any damage to the caretaker government, the People’s Party (PP), following revelations of alleged links to an offshore company in the British island of Jersey.

Soria remained the minister of industry, energy and tourism from 2011 to 2016.