In brief
Cyprus’ Financial Intelligence Unit has kicked off a probe into the financial dealings of Russian billionaire Roman Abramovich following a BBC Panorama exposé. The report alleged that Deloitte Cyprus aided in falsifying documents to hide assets worth £508 million and evaded tax. Lawyers for Abramovich denied any wrongdoing, and Deloitte has said it acted within the law. The investigation, announced in a parliamentary committee on money‑laundering, will examine all parties involved and is expected to take several months.
Cyprus police have launched an investigation into the financial affairs of Russian billionaire Roman Abramovich after BBC Panorama revealed that Deloitte Cyprus may have helped falsify documents hiding assets and evading tax.
BBC Panorama and the Bureau of Investigative Journalism produced a joint report detailing how Deloitte’s staff authorised signatures in 2006, allowing assets such as superyachts, mansions and private jets worth £508 million to disappear from Abramovich’s company accounts.
A Cypriot Ministry of Justice official told MPs that the Financial Intelligence Unit will review the report’s findings and determine whether any criminal acts were committed. The police were briefed at a committee meeting in Nicosia focused on combating money laundering.
Abramovich’s lawyers insist the billionaire denies evading tax or concealing his fortune. Deloitte Cyprus says it complied with applicable laws and is unable to comment on documents more than 20 years old. The investigation will also look into any firms or individuals potentially involved.
Internal documents recovered from leaked files show a network of offshore companies operated out of Cyprus between 1995 and 2022. The BBC, Guardian, Paper Trail Media, the OC‑CRP and Cyprus Investigative Reporting Network have been following the evidence as part of the International Consortium of Investigative Journalists’ Cyprus Confidential investigation.
A police spokesperson confirmed that the Financial Crime Unit has already begun gathering evidence and expects the inquiry to run for several months.
Witnesses to the parliamentary hearing reported that the case could implicate Deloitte and other advisors in potential fraud or document manipulation. The police have promised to investigate all relevant parties.
