Well we disagree fundamentally here then, for me utilizing letterbox companies in Panama or the Cayman islands is very unethical. Of course it isn't illegal, and they should not be punished by law (although I would definitely outlaw such practices in the future), but as a public figure he has to explain those practices - I mean he's the fucking PM of Iceland and e̶v̶a̶d̶i̶n̶g̶ avoiding paying taxes to the Icelandic state.
Now do you believe that tax evasion is ethically acceptable? Because the only difference between that and all those letterbox companies is the status of legality in my eyes, morally there is absolutely no difference whatsoever.
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Well he's using some very shady mechanisms to actively avoid paying taxes to the same government he is leading - that should be of interest to the population of Iceland, shouldn't it?
Could be that it's illegal as well, don't know too much about this specific case or the intrinsics of the Icelandic tax code.