In brief
A series of leaked documents show Roman Abramovich potentially evaded millions in taxes through a scheme involving the chartering of luxury superyachts, misleading tax authorities about their operation as commercial entities.
In an eye-opening report, it has been revealed that billionaire Roman Abramovich may have dodged millions in tax through a convoluted superyacht leasing scheme. This operation, detailed in over 400,000 leaked documents, involved the chartering of Abramovich's lavish yachts to various companies he controlled, all disguised as a legitimate commercial venture to evade taxes.The investigation, led by the BBC and the Bureau of Investigative Journalism, uncovered that since 2011, Abramovich allegedly used companies in the British Virgin Islands and Cyprus to create a facade of independence for his yacht leasing operations. Italian tax lawyer Tommaso Di Tanno described the setup as a "criminal" act of tax evasion.According to the documents, his shipping firm, Blue Ocean Yacht Management, managed the yachts and significantly minimized their VAT liabilities. Even though the companies leasing the yachts were shown as separate entities, they were ultimately controlled by Abramovich, raising red flags about the authenticity of their commercial activities.The investigation is part of a broader project called Cyprus Confidential, focusing on how firms in Cyprus aided individuals close to Vladimir Putin in concealing wealth. As questions swirl around Abramovich's financial dealings—especially after the sanctions imposed on him in 2022—this latest revelation adds another layer of complexity to his controversial business maneuvers.
