In brief
Cyprus police have opened a formal investigation into the financial affairs of Russian billionaire Roman Abramovich following BBC Panorama revelations that Deloitte helped falsify documents to conceal wealth and evade taxes. The inquiry focuses on offshore structures dating back to 1995, which allegedly transferred assets worth $672 million from company accounts. Abramovich’s lawyers deny any knowledge of wrongdoing, while Deloitte claims it operated within legal limits. The probe, led by the Financial Intelligence Unit, may last several months and could also examine Deloitte’s conduct.
Cyprus law enforcement has opened a formal investigation into the financial affairs of Russian billionaire Roman Abramovich, following revelations that the accounting firm Deloitte helped falsify documents to conceal wealth and evade taxes, according to a BBC Panorama report.
The investigation centres on a network of offshore companies administered from Cyprus between 1995 and 2022, which, according to leaked files, allegedly enabled the removal of assets such as superyachts, mansions and private jets worth $672 million (£508 million) from corporate accounts.
Abraham’s lawyers have denied any knowledge or participation in the alleged misconduct, while Deloitte Cyprus insists it acted in compliance with applicable laws and cannot comment on documents older than 20 years.
Cyprus’s Financial Intelligence Unit, which led the inquiry, said it would examine whether any criminal acts have occurred and could extend the probe for several months.
The probe follows earlier reports by the BBC and the Bureau of Investigative Journalism that highlighted potential fraud and document manipulation as part of a wider scheme to evade substantial tax liabilities.
