In brief
The police in Nicosia have opened a formal investigation into the financial dealings of Russian billionaire Roman Abramovich after BBC Panorama, joined by the Bureau of Investigative Journalism, revealed that Deloitte Cyprus was involved in falsifying documents to hide wealth and evade tax. Evidence stems from leaked files detailing offshore operations from 1995 to 2022, including the disappearance of yachts, mansions and jets worth over £500 million from company accounts. The Ministry of Justice has tasked the Financial Intelligence Unit to scrutinise whether any criminal acts occurred, with a view to examining Deloitte’s role as well. Abramovich’s lawyers deny any knowledge or involvement in the falsification and emphasize that professional advisers were properly engaged, while Deloitte claims it cannot comment on records older than 20 years. The investigation is slated to continue for several months as Cypriot MPs debate the broader implications for money‑laundering reforms.
Cyprus police have opened an investigation into the financial affairs of Roman Abramovich, following BBC Panorama revelations that Deloitte Cyprus helped falsify documents to conceal the billionaire’s wealth and evade tax.
The probe comes after leaked files were published by the BBC, the Bureau of Investigative Journalism and other partners as part of the International Consortium of Investigative Journalists’ Cyprus Confidential inquiry. The documents uncover how, between 1995 and 2022, superyachts, mansions and jets valued at over £508 million were removed from Abramovich’s company accounts through forged paperwork.
A Cypriot Ministry of Justice official briefed MPs that the police’s Financial Intelligence Unit has already begun gathering evidence. The official said the investigation into whether criminal acts were committed is expected to last several months, and that any companies or persons involved will be examined, including Deloitte.
Roman Abramovich’s lawyers have denied that the oligarch evaded tax or hid his fortune, stating that any professional advice he received was legitimate and lawful. Deloitte Cyprus, for its part, said it had acted in compliance with applicable laws but would not comment on records older than 20 years.
The case follows earlier coverage of a tax scheme that allowed Abramovich to dodge millions of euros in VAT, resulting in the indictment of two former company directors who are set to appear in court next month. The investigation is part of Cyprus’s efforts to strengthen anti‑money‑laundering measures.
