In brief
Cyprus police have opened a formal inquiry into Roman Abramovich’s financial affairs following revelations that Deloitte may have assisted in falsifying documents to conceal assets worth $672 million. The probe comes after a BBC Panorama and Bureau of Investigative Journalism report uncovered a network of offshore companies that erased the value of yachts, jets and mansions from Abramovich’s ledgers. Lawmakers said the Financial Intelligence Unit will determine whether criminal conduct occurred, while Abramovich’s lawyers deny any knowledge or approval of the alleged fraud. Deloitte stands by its compliance with the law, though the documents are too old to comment. The case underscores the growing reach of investigative journalism and the scrutiny of wealthy individuals using offshore structures to avoid tax.
Cyprus law enforcement has opened a formal inquiry into the financial dealings of Russian billionaire Roman Abramovich after BBC Panorama revealed that Deloitte may have helped conceal millions of dollars in assets.
The investigation follows a joint report by the BBC and the Bureau of Investigative Journalism, which examined leaked files that show how a network of offshore companies based in Cyprus erased the value of superyachts, private jets and mansions worth roughly $672 million from Abramovich’s corporate books. Those documents, according to the report, were signed off by Deloitte Cyprus in 2006.
Cyprus’s Ministry of Justice said that the police’s Financial Intelligence Unit will “determine whether any criminal acts were committed.” The unit, which is already tracking leaks that span from 1995 to 2022, has said it expects the inquiry to take several months.
Abramovich’s lawyers have denied that the billionaire knew or authorised the falsification, arguing that the companies involved were following professional advice. Deloitte itself has said it acted in compliance with the law, though it cannot comment on documents that are more than two decades old.
If the probe finds proof of fraud, prosecutors could bring charges under Cyprus’s anti‑money‑laundering and tax‑evasion statutes. The case is part of a broader scrutiny of high‑net‑worth individuals using offshore structures to avoid tax.
The story highlights the growing power of investigative journalism to expose cross‑border financial fraud and the increasing pressure on state regulators to act on whistleblowers.
