In brief
Cyprus police have begun a formal investigation into the financial dealings of Russian billionaire Roman Abramovich following a BBC Panorama exposé. The report claims that Deloitte Cyprus assisted in falsifying documents to conceal assets worth $672 million and aid in a massive tax evasion scheme. Although Abramovich’s lawyers deny any wrongdoing, Cypriot officials say the probe will examine potential criminal acts and the role of advisers. The investigation, led by the Financial Intelligence Unit, is expected to last several months and may involve Deloitte and other parties implicated in the alleged fraud.
Cyprus police have opened an investigation into the financial affairs of Russian billionaire Roman Abramovich after a BBC Panorama report claimed that Deloitte Cyprus helped falsify documents and conceal assets worth $672 million, including superyachts, mansions and private jets.The probe follows a joint investigation by the BBC and the Bureau of Investigative Journalism, which exposed how Deloitte records from 2006 were used to hide wealth and aid in a large tax evasion scheme. Abramovich’s lawyers have dismissed the allegations, stating that the billionaire denied concealing his fortune and that his companies acted within the law.A Ministry of Justice official told parliament that the Financial Intelligence Unit is already gathering evidence and that the investigation will determine whether any criminal acts have been committed. The police will examine all individuals and companies potentially involved, with scrutiny aimed at identifying any fraud or document manipulation.The report highlights the extensive network of offshore companies managed from Cyprus between 1995 and 2022. Earlier investigations by media partners such as the Guardian and the Organised Crime and Corruption Reporting Project have uncovered related tax schemes, prompting two former company directors to be indicted for unpaid VAT.The investigation into Deloitte’s role is expected to last several months, with officials affirming that they will assess any potential wrongdoing by the accounting firm. The case reflects growing international scrutiny over wealth movements and tax avoidance practices by high‑net‑worth individuals.
