In brief
Cyprus police have opened an investigation into the financial affairs of Russian billionaire Roman Abramovich following BBC Panorama revelations that Deloitte Cyprus helped hide assets and evade tax. The probe, led by the police’s Financial Intelligence Unit, will examine whether criminal acts were committed and whether Deloitte’s work was improper. In leaked documents, assets including superyachts, mansions and jets worth $672 m vanished from Abramovich’s accounts, raising questions about the integrity of his advisers. Lawyers for Abramovich deny any involvement and claim the companies acted within legal bounds, while Deloitte asserts compliance with applicable laws. The investigation is expected to run for several months, with potential implications for the oligarch’s business network in Cyprus.
Cyprus police launch probe into Roman Abramovich’s finances
Police in Cyprus have opened an investigation into the financial affairs of Russian billionaire Roman Abramovich after a joint BBC Panorama and Bureau of Investigative Journalism report alleged that Deloitte Cyprus helped falsify documents to conceal wealth and evade tax.
The probe, led by the police’s Financial Intelligence Unit, will examine the legality of the alleged document manipulation and whether any criminal acts were committed. A Ministry of Justice official told MPs that the investigation began following the report’s release and will likely take several months to complete.
According to the leaked files, assets such as superyachts, mansions and private jets worth about $672 million vanished from Abramovich’s company accounts in 2006, while Deloitte reportedly advised on a scheme to avoid a massive tax bill through forged paperwork.
Abramovich’s lawyers have denied any knowledge of the fraud, insisting his companies relied on legitimate professional advice. Deloitte has said it is unable to comment on the documents, which are over 20 years old.
The investigation will look at any entities or individuals involved, according to police spokesperson Andreas Anastasiades, who warned that fraud or manipulation of records would be scrutinised. If any wrongdoing is identified, the case could lead to further legal actions against the oligarch’s network in Cyprus.
For now, Cyprus police are gathering evidence, while the political and financial implications of the findings remain to be seen.
