In brief
Cyprus police have opened an investigation into the financial affairs of Russian billionaire Roman Abramovich after BBC Panorama revealed that Deloitte helped forge documents to conceal his wealth and avoid taxes. The probe follows leaked files showing offshore companies in Cyprus carrying out a €672 million tax‑avoidance scheme that popped up in a 2006 Deloitte sign‑off. Abramovich’s lawyers deny any wrongdoing, saying his companies acted within the law, while Deloitte Cyprus claims the documents are too old to comment. Authorities will look into both Abramovich’s advisers and any potential fraud, with an investigation expected to stretch over several months.
Cyprus police have opened an investigation into the financial affairs of Roman Abramovich after BBC Panorama exposed Deloitte’s role in forging documents to conceal the billionaire’s wealth and evade taxes.
Earlier this month, a joint BBC and TBIJ report revealed that offshore companies registered in Cyprus had hidden €672 million worth of superyachts, mansions, and private jets by amending company accounts in 2006. Deloitte Cyprus signed off on the same documents, helping to mask the assets from tax authorities.
Abramovich’s lawyers say the billionaire denied any knowledge of the falsification, insisting that his companies followed legitimate professional advice. Deloitte also states it cannot comment because the documents are over 20 years old.
The police announced the probe at a parliamentary committee in Nicosia that tackles money‑laundering. The Financial Intelligence Unit is gathering evidence, and the investigation is expected to last several months.
Authorities will examine whether Deloitte or any other advisers were involved in fraud, with a focus on potential manipulation of documents. The case highlights how high‑profile individuals can use offshore structures to sidestep tax obligations.
