In brief
Cyprus police have opened an investigation into Russian billionaire Roman Abramovich’s finances after a BBC Panorama report exposed alleged document falsification by the auditing firm Deloitte. The inquiry follows the “Cyprus Confidential” series, which showed that accounts signed off in 2006 omitted assets worth £508 million, including superyachts and private jets. Lawyers for Abramovich deny any wrongdoing, while Deloitte says it complied with applicable laws but cannot comment on the old files. The Financial Intelligence Unit will examine whether any criminal acts were committed, with the probe expected to last several months.
Police in Cyprus have opened a formal investigation into the financial affairs of Russian billionaire Roman Abramovich after a BBC Panorama report uncovered alleged document falsification by the global audit firm Deloitte.
The probe follows the findings of a joint investigation by the BBC and the Bureau of Investigative Journalism (TBIJ) – part of the International Consortium of Investigative Journalists’ “Cyprus Confidential” series – which revealed that Deloitte’s Cypriot arm signed off on documents that deleted assets worth an estimated £508 million from Abramovich’s companies.
In a statement lawyers for Abramovich denied any knowledge of or involvement in the alleged fraud, and Deloitte Cyprus said it was acting 'in compliance with applicable laws' and could not comment on files older than 20 years.
Cypriot Justice Minister officials told MPs that the Financial Intelligence Unit will examine whether any criminal acts were committed by Abramovich, his advisers or the accounting firm.
The leaked files – comprising thousands of documents covering the period 1995‑2022 – show a network of offshore companies, super‑yachts, private jets and mansions that were allegedly stripped from corporate books through forged documentation.
Sources confirm that the investigation, which started during a parliamentary committee meeting on anti‑money laundering, is expected to last several months and may focus on Deloitte’s role as well as potential fraud or document manipulation.
For more details, you can watch the Panorama special, Roman Abramovich: How He Hid His Fortune, on BBC iPlayer.
