In brief
Cyprus police have opened a formal inquiry into the financial affairs of Russian billionaire Roman Abramovich following BBC Panorama revelations that Deloitte Cyprus helped falsify documents to conceal wealth and evade tax. The probe, led by the Financial Intelligence Unit, will scrutinise whether criminal acts were committed and will also examine Deloitte’s role in the alleged scheme. Abramovich’s lawyers deny any wrongdoing and say the billionaire relied on legitimate professional advice, while Deloitte maintains its compliance with local laws but cannot comment on the old documents. The investigation, expected to take several months, follows a broader international consortium of investigative journalists' Cyprus Confidential project that has unearthed thousands of leaked files detailing offshore networks and hidden assets.
Cyprus police have launched a formal investigation into the finances of Russian billionaire Roman Abramovich after BBC Panorama revealed that Deloitte Cyprus helped falsify documents to hide vast amounts of wealth and evade tax.
According to a joint report by the BBC and the Bureau of Investigative Journalism, Deloitte signed off on 2006 accounts that removed assets such as superyachts, mansions and private jets worth about $672 million (£508 million) from Abramovich’s company books. The allegation is that the firm also aided a scheme to dodge a huge tax bill by manipulating paperwork.
A Cypriot Ministry of Justice official told MPs that the Financial Intelligence Unit’s Financial Crime Unit is already collecting evidence and that the inquiry could take several months. In a parliamentary committee meeting on money‑laundering prevention, police will determine whether any criminal acts occurred and will investigate all parties involved, including Deloitte.
Abramovich’s lawyers have denied any knowledge of or involvement in the alleged scheme, stating that the billionaire relied on "independent professional tax and legal advice" and acted in accordance with it. In turn, Deloitte Cyprus said it complied with all applicable laws and could not comment because the relevant documents are over twenty years old and no longer accessible.
The investigation follows the BBC and partners’ Cyprus Confidential project, which has been publishing leaked documents detailing offshore operations and hidden assets since 2023. The probe will also look into any fraud or document manipulation that may have occurred.
If the inquiry finds evidence of wrongdoing, prosecutors could bring charges against involved companies or individuals. Meanwhile, the fallout from the same series has already led to the indictment of former company directors who face trial next month over €25 million in unpaid VAT.
