In brief
Cyprus police have opened a probe into the financial affairs of Russian billionaire Roman Abramovich after BBC Panorama and the Bureau of Investigative Journalism revealed that Deloitte helped falsify records to conceal assets and dodge taxes. The investigation centres on documents from his Cyprus-registered companies that disappeared assets worth $672 million, including superyachts and private jets. Abramovich’s lawyers deny knowledge of any wrongdoing and say the billionaire relied on professional advice. Police will look into all parties involved, with proceedings expected to last several months. The case adds to growing scrutiny of offshore tax schemes in Cyprus.
Cyprus police have launched a formal inquiry into the finances of Russian oligarch Roman Abramovich after BBC Panorama and the Bureau of Investigative Journalism revealed that Deloitte’s Cyprus arm assisted in falsifying documents to conceal his wealth and evade taxes.
The joint investigation, which has become a national issue, highlighted that in 2006 Deloitte approved account entries that made assets such as superyachts, private jets and mansions disappear from Abramovich’s company books, totalling roughly $672 million (£508 million).
Abramovich’s legal team emphatically denies that the billionaire authorised or directed any document manipulation, stating that he has always operated under legitimate professional advice and complied with applicable laws. Deloitte Cyprus has said it works in compliance with the law but is unable to comment further because the documents are more than twenty years old.
The police announced the investigation during a parliamentary committee in Nicosia that focuses on preventing money‑laundering. A Justice Ministry official said the Financial Intelligence Unit would assess whether any criminal acts were committed and that the probe would last several months.
The investigation will also scrutinise any companies or individuals who may have been involved, including Deloitte itself, according to police spokesman Andreas Anastasiades. He said investigators would determine whether documents were manipulated or fraud occurred.
The basis for the inquiry stems from leaked files that expose a network of offshore companies administered from Cyprus between 1995 and 2022. The files show how assets have moved and how tax liabilities were evaded by means of forged documents, details that have been reported by the BBC, The Guardian, Paper Trail Media and others as part of the International Consortium of Investigative Journalists’ “Cyprus Confidential” project.
Police have confirmed that the Financial Crime Unit has already begun collecting evidence and will keep the public updated as the investigation unfolds. They have pledged to look into the entire chain of the scheme, including Deloitte’s role.
Previously, the BBC and its partners uncovered a scheme that enabled Abramovich to dodge millions in tax on the operating costs of his yachting fleet. Two former directors have been indicted over €25 million in unpaid VAT and are set to stand trial in Cyprus.
