The cartoon shows (from left to right) a fat cat (literally drawn as a fat cat in a business suit), Russian president Vladimir Putin, who is carrying a suitcase stuffed with banknotes, and Syrian president Bashar al-Assad, who is pushing the corpse of ex-Libyan dictator Muammar Gaddafi in a wheelbarrow full of money. They are all wearing Panama hats (geddit?), and have all been implicated in the scandal. They're walking along a sandy beach with palm trees, which is obviously supposed to be in Panama. The image is presented as an advertisement for 'Nice 'n' Shady' Panama hats. There's a double meaning here, because shady can be used to describe something that provides shade, but it can also mean dishonest or illegal. • They’ve been involved in shady real estate deals. The tagline 'Feeling the heat ...?' is also a play on words. There's the literal meaning of being hot (Panama has a tropical climate), but if you say that someone is feeling the heat, it can mean they are under a lot of pressure. • Startups are feeling the heat from growing skepticism over the economics of the "on-demand" economy.
Panama hats actually originated in Ecuador.