VALLETTA, Malta (AP) — Maltese Minister Konrad Mizzi has been relieved of his duties in energy and health after he acknowledged opening a company in Panama which is held by a trust in New Zealand.

Prime Minister Joseph Muscat announced Thursday that Mizzi will retain the title of minister and will work on special projects. Muscat has taken over the responsibilities of the energy sector while the health portfolio has been given to another minister.

Mizzi had been asked to resign as deputy leader of the ruling Labour Party, a post to which he was elected in February, before the Panama Papers were revealed.

He has commissioned an independent tax audit to prove he has done nothing wrong, and has said that the company will be closed after the tax investigation is concluded.