Ukraine's President Poroshenko denies breaking law by having secret accounts

The president said that he has offshore accounts but he has not broken any laws.Ukrainian President Petro Poroshenko on Monday denied any wrongdoing after documents leaked from a Panama law firm showed him holding three offshore accounts that could be used as tax havens.

A year-long worldwide media investigation into a trove of 11.5 million documents found that the former Soviet state's pro-Western leader had registered a company in the British Virgin Islands that he never disclosed in his income forms.

The Ukrainian leader did not deny the accounts' existence but said they in no way broke either his country's or international laws. "I may be the first top official in Ukraine who treats declaring assets, paying taxes and conflict of interest issues profoundly and seriously, in full compliance with the Ukrainian and international private law," Poroshenko said in a statement issued on Facebook.

"Having become president, I stopped participating in the management of my assets, having delegated this responsibility to the respective consulting and law firms," he added.

The tycoon-turned-president's attempts to distance himself from the scandal come with the war-torn country already engulfed in a months-long political crisis that has paralysed the government and delayed the release of vital Western aid.

None of the three accounts associated with Poroshenko's offshore firm held more than 2,000 euros. But the "Panama Papers" report said they may have been a haven used by the president to avoid paying taxes on his profitable candy empire.

"Poroshenko was busy setting up an offshore tax haven for his business assets as Ukraine was suffering its worst defeat in Russia's war against Ukraine in the summer of 2014," the report said. "Poroshenko's action might be illegal on two counts: he started a new company while president and he did not report the company on his disclosure statements," it added.