In brief
Cyprus law enforcement has opened a formal inquiry into the finances of Russian billionaire Roman Abramovich after a BBC Panorama report claimed Deloitte Cyprus assisted in forging documents to conceal assets and evade tax. The probe follows a joint BBC‑TBIJ investigation that uncovered a $672m ($508m) “vanishing” of assets such as superyachts, mansions and private jets from Abramovich’s company accounts. While Abramovich’s lawyers deny any wrongdoing and Deloitte asserts compliance with law, Cyprus’s Financial Crime Unit will examine all parties involved, including the accountancy firm, over a multi‑month investigation. The case highlights the role of offshore entities in Cyprus and the ongoing scrutiny of tax avoidance schemes involving high‑profile oligarchs.
Cyprus Police Launch Probe Into Abramovich’s Finances
Cyprus police announced a formal investigation last week into the finances of Russian billionaire Roman Abramovich, following a BBC Panorama investigation that alleged Deloitte Cyprus helped forge documents to hide assets and avoid tax.
The BBC and the Bureau of Investigative Journalism (TBIJ) released a joint report early this month that detailed how Deloitte’s 2006 sign‑off on offshore accounts allowed assets worth 672 million dollars to disappear from Abramovich’s company filings. Those assets comprised superyachts, private jets and private mansions owned by the oligarch’s corporations.
A Cyprus Ministry of Justice official told parliament that the Financial Intelligence Unit will examine the evidence and determine whether any criminal acts were committed. The investigation is expected to take several months.
Deloitte Cyprus has said it acted “in compliance with applicable laws”, while Abramovich’s lawyers maintain that the billionaire did not authorise or know of any falsification and that his companies relied on legitimate professional advice.
Evidence was obtained from leaked files covering 1995–2022, which mapped the network of offshore companies that managed Abramovich’s wealth out of Cyprus. The files also highlight a tax scheme that enabled the billionaire to dodge millions in VAT on the operating cost of his yachts.
The police’s Financial Crime Unit confirmed it has begun to gather evidence and will investigate any company or individual involved in the alleged document manipulation. The unit said it would look into possible fraud and the legitimacy of the documents used.
At a parliamentary committee in Nicosia, the announcement came amid discussions on combatting money laundering. The ministry’s statement pledged a full review of the findings from the BBC and TBIJ report.
The case remains part of the wider “Cyprus Confidential” investigation conducted by the International Consortium of Investigative Journalists, which has exposed the use of Cyprus as a centre for offshore wealth hide‑and‑seek.
Deloitte’s involvement remains a key focus as the probe explores the potential legal ramifications for its advisers. Meanwhile, Abramovich’s lawyers stress that any reliance on professional counsel is standard practice and not indicative of criminal intent.
