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    Britain's Prime Minister David Cameron speaks outside 10 Downing Street in London, Britain Feb. 20, 2016. | Photo: Reuters

Despite the damaging revelations in the Panama Papers, David Cameron insisted he is "proud" of his father's business career.

British Prime Minister David Cameron admitted Thursday to having shares in an offshore trust set up by his late father, before selling them for US$42,000 in 2010.

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His admission comes five days after the Panama Papers leak which detailed how the Panama-based law firm Mossack Fonseca helped thousands of world leaders, wealthy elites, and celebrities hide assets in shell companies and offshore tax havens.

The documents showed that the prime minister’s father Ian Cameron, who passed away in 2010, opened a fund under the name of Blairmore Holdings.

Cameron, who sold the inherited fund before he became prime minister in 2010, told ITV News he did not have "anything to hide" and had paid all U.K. taxes due on the profits he made from the sale of the shares.

The Conservative Party leader also said he was “proud” of his father despite the damaging revelations.

"I'm proud of my dad and what he did and the business he established and all the rest of it," he said.

"I can't bear to see his name being dragged through the mud, as you can see, and for my own, I chose to take a different path from my father, grandfather and great-grandfather, who were all stockbrokers, and I've got nothing to hide in my arrangements and I'm very happy to answer questions about it," he added.

Downing Street issued a series of statements denying the Prime Minister currently benefited from offshore funds, or stood to do so in the future.

However members of the opposition, including Labour Party leader Jeremy Corbyn, have called on Cameron to publish his tax returns.

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