In brief
Cyprus police have stepped into a fresh investigation into the finances of Russian billionaire Roman Abramovich, citing BBC Panorama’s report that Deloitte Cyprus helped conceal assets and falsify documents to avoid tax. The Financial Intelligence Unit will analyse whether any fraud or illicit activity occurred. While Abramovich’s lawyers deny wrongdoing and Deloitte claims its compliance, the probe could drag on for months as evidence is gathered. The case underlines the growing scrutiny of offshore wealth and the role of professional advisers in high‑profile tax avoidance schemes.
Cyprus police have opened a new investigation into the financial affairs of Russian billionaire Roman Abramovich. The probe follows BBC Panorama’s joint investigative report with the Bureau of Investigative Journalism that linked Deloitte Cyprus to the forging of documents used to hide wealth and avoid tax.
The report found that in 2006, Deloitte’s Cyprus office signed off on invoices that effectively removed super‑yachts, mansions and private jets worth an estimated $672m from Abramovich’s company accounts. It also suggested the firm advised a plan to dodge a large tax bill through forged paperwork.
MPs in Nicosia were told that the Ministry of Justice will treat the findings as the basis for a formal inquiry by the police’s Financial Intelligence Unit. Police spokesperson Andreas Anastasiades said the unit has already begun evidence gathering and expects the investigation to take several months.
Both Abramovich’s lawyers and Deloitte Cyprus have declined to comment on the specifics of the allegations. The lawyer team urged that the billionaire had relied on legitimate professional advice, and Deloitte said the documents in question are more than 20 years old and no longer accessible.
Earlier this year, investigative journalists uncovered a network of offshore entities operated from Cyprus that managed Abramovich’s assets between 1995 and 2022. The BBC, TBIJ, The Guardian, and the International Consortium of Investigative Journalists have been following the story from its beginning.
A Cyprus court is set to hear the case of two former directors of Abramovich’s companies next month, who face charges over €25m in unpaid VAT. The legal saga illustrates the complex interplay between multinational wealth, professional accounting services, and national regulatory frameworks.
The inquiry remains ongoing, and Cypriot authorities have made clear that they will prosecute any criminal acts discovered, including misconduct by advisers involved in the alleged scheme.
