In brief
Cyprus police have announced an investigation into Russian billionaire Roman Abramovich following a BBC Panorama report that Deloitte Cyprus helped forge documents to conceal roughly $672 million of assets. Leaked files spanning 1995‑2022 show how signed‑off accounts erased superyachts, mansions and private jets from company ledgers, supporting a large tax‑avoidance scheme. Abramovich’s lawyers deny any role in the falsification, arguing the companies acted within the law, while Deloitte says it cannot comment on documents older than 20 years. The Financial Crime Unit has begun gathering evidence, expecting the probe to last several months and to explore involvement of other firms or individuals. Earlier investigations in Cyprus have already indicted former directors over unpaid VAT, highlighting scrutiny over offshore networks and elite tax practices.
Cyprus police have announced an investigation into the financial affairs of Russian billionaire Roman Abramovich, the same oligarch whose business empire includes football club Chelsea and luxury yachts.
The inquiry was triggered by a BBC Panorama programme that, together with the Bureau of Investigative Journalism, uncovered evidence that an accountancy firm, Deloitte Cyprus, helped forge documents to hide approximately $672 million (€508 million) of Abramovich’s assets—including superyachts, mansions and private jets—from his companies’ books.
Leaked files, spanning from 1995 to 2022, revealed how signed off accounts by Deloitte in 2006 allowed the assets to vanish from official ledgers and supported a broader tax‑avoidance scheme that saw the billionaire sidestep a huge tax bill.
While Abramovich’s lawyers insist the oligarch denies any involvement in the falsification, they argue that the companies were acting within the law based on professional advice. Deloitte Cyprus says it cannot comment because the documents are more than two decades old.
According to a Cypriot police spokesperson, the Financial Crime Unit has already begun compiling evidence and the investigation is expected to take several months. The probe will also look into whether any other firms or individuals were complicit in the alleged fraud.
The case follows earlier investigations in Cyprus that indicted former company directors on unpaid VAT charges, and it underscores growing scrutiny over offshore networks and the international tax practices of wealthy elite.
