In brief
Police in Cyprus have opened an investigation into the financial affairs of Russian billionaire Roman Abramovich following a BBC Panorama report that Deloitte helped falsify documents to conceal assets and evade taxes. The probe, led by the Financial Intelligence Unit, will examine whether offshore shell companies and fraudulent paperwork omitted superyachts, yachts, mansions and private jets valued at $672 million. Abramovich’s lawyers deny any intent to conceal wealth, while Deloitte Cyprus claims compliance with law. The investigation could last several months as investigators seek evidence of fraud or manipulation.
Cyprus police have announced the launch of a formal investigation into the financial affairs of Russian billionaire Roman Abramovich after a BBC Panorama piece exposed alleged use of Deloitte Cyprus to falsify reports that hid vast wealth and evaded taxes.
The BBC and the Bureau of Investigative Journalism released a joint dossier earlier this month that traced more than a dozen offshore entities managed from Cyprus and a series of paper trails that omitted assets such as superyachts, private jets, mansions and other high‑value property worth an estimated $672 million. The documents also point to a tax avoidance scheme that allegedly enabled Abramovich to sidestep large amounts of national tax.
A Cypriot Ministry of Justice spokesman told parliament that the Financial Intelligence Unit had already started collecting evidence and that the investigation is expected to run for several months. The unit will review all entities and individuals who may have been involved, including Deloitte, with a focus on determining whether any criminal acts, such as fraud or document manipulation, have been committed.
Representatives of Abramovich claim the billionaire denies any attempt to hide wealth or influence the creation of the falsified filings. The lawyer’s office states that all tax decisions were made with legitimate professional advice and that there was no intent to conceal assets.
Deloitte Cyprus, for its part, has said that the records in question are more than two decades old and no longer accessible, thereby preventing any comment on the specifics of the older filings.
The investigation follows a wave of reports by the International Consortium of Investigative Journalists and partners such as the Guardian and the Cyprus Investigative Reporting Network that have been monitoring the leaked files since 2023. Those leaks also revealed that two former directors of Abramovich’s companies face trial in Cyprus next month over unpaid value‑added tax amounting to €25 million.
As the probe unfolds, Cypriot authorities are expected to release further details on whether any prosecutions will be brought against individuals who may have aided in the alleged concealment of wealth under the guise of legitimate corporate governance. The case highlights the continued scrutiny of offshore financial structures that enable high‑net‑worth individuals to obscure tax liabilities on a global scale.
