In brief
Cypriot authorities have launched a formal probe into the finances of Russian billionaire Roman Abramovich, following BBC Panorama reports that Deloitte may have falsified documents to hide assets worth $672 million. Lawyers for Abramovich deny any wrongdoing, and Deloitte claims it acted within the law. The investigation, led by the Financial Intelligence Unit, will examine whether any criminal actions were taken and could last several months. The case forms part of a wider inquiry into offshore tax schemes uncovered by the BBC and the Bureau of Investigative Journalism.
Cyprus police have opened a formal inquiry into the financial affairs of Russian billionaire Roman Abramovich, after BBC Panorama revealed that Deloitte may have helped conceal the oligarch’s wealth.
The probe follows a joint report by the BBC and the Bureau of Investigative Journalism that uncovered leaked files showing, in 2006, that Deloitte staff signed off on documents that removed assets worth $672 million— superyachts, mansions and private jets—from Abramovich’s company books.
Lawyers for Abramovich have issued a statement saying the billionaire "always obtained independent expert professional tax and legal advice" and denied that he engaged in any tax evasion or document fraud. Deloitte Cyprus, citing the age of the documents, declined to comment further.
A Cypriot Minister of Justice presented the findings to MPs, announcing that the police’s Financial Intelligence Unit would assess whether any criminal acts occurred. A representative, Andreas Anastasiades, told parliament that the unit had begun collecting evidence and that the investigation could last several months.
The investigation is part of a broader effort to counter illicit financial flows, and it echoes earlier BBC and TBIJ coverage that identified a tax scheme allowing Abramovich to evade millions in VAT on his yachts. Two former directors of Abramovich’s companies have already been indicted and will stand trial this month on a €25 million unpaid VAT case.
The investigative chain is being scrutinised by international partners including the Guardian, Paper Trail Media, the Organised Crime and Corruption Reporting Project and the Cyprus Investigative Reporting Network, under the umbrella of the International Consortium of Investigative Journalists’ Cyprus Confidential project. The continuing inquiry will test the integrity of professional advisers and the legality of the asset shifts recorded by Deloitte.
