Cyprus Police Investigate Roman Abramovich's Finances
Authorities in Cyprus have launched an investigation into the financial dealings of Roman Abramovich following revelations of alleged document falsification.
Police in Cyprus have opened an investigation into the financial affairs of Roman Abramovich, prompted by accusations that the accountancy firm Deloitte assisted in falsifying documents to conceal his wealth and evade taxes. The inquiry was announced by a Cypriot Ministry of Justice official at a parliamentary committee meeting focused on combating money laundering.
The investigation by the police's Financial Intelligence Unit aims to determine if any criminal acts have occurred. This development follows a joint report by the BBC and the Bureau of Investigative Journalism (TBIJ) which detailed how Deloitte in Cyprus allegedly signed off on accounts in 2006 that removed assets valued at $672 million (£508 million) from Abramovich's company accounts. These assets reportedly included superyachts, mansions, and private jets.
Deloitte, the world's largest accountancy firm, is also accused of advising on a scheme that involved document falsification to evade significant tax liabilities on the oligarch's wealth. The evidence stems from leaked files, comprising thousands of documents related to Abramovich's finances and offshore companies administered from Cyprus between 1995 and 2022, as part of the International Consortium of Investigative Journalists' Cyprus Confidential investigation.
A Cypriot police representative confirmed to MPs that the Financial Crime Unit had begun gathering evidence, with the investigation expected to span several months. When questioned about Deloitte's involvement, the representative stated that the police would examine any company or person potentially implicated and assess whether fraud or document manipulation occurred.
Lawyers for Roman Abramovich have stated that he denies evading tax or concealing his fortune. They assert that the BBC provided no evidence that the billionaire knew about, authorized, or directed the falsification of any documents and that his companies were entitled to rely on professional advice.
Deloitte Cyprus has stated it cannot comment on the matter, citing the age of the documents and their inaccessibility. Previously, the BBC and TBIJ reported on a tax scheme allegedly used by Abramovich to avoid millions in taxes on his yachts' operating costs. Following that report, two former company directors were indicted and are scheduled to stand trial in Cyprus next month for €25 million in unpaid VAT.
