In brief
Cyprus police have opened an inquiry into the financial affairs of Russian billionaire Roman Abramovich after a BBC Panorama report revealed that Deloitte aided in falsifying documents to conceal wealth and evade tax. The investigation, announced in Nicosia, will examine whether dormant offshore funds, superyachts and private jets were removed from company books between 1995 and 2022. Abramovich’s lawyers deny any wrongdoing, while Deloitte Cyprus maintains compliance with all applicable laws. Police officials will investigate any individuals or companies involved, including the audit firm, and will assess potential fraud or manipulation of documents. The case is part of a wider International Consortium of Investigative Journalists effort that has exposed a network of tax evasion and money‑laundering schemes tied to Cyprus.
Cyprus police have opened a fresh inquiry into the financial affairs of Russian billionaire Roman Abramovich after a BBC Panorama report revealed that Deloitte aided in falsifying documents to conceal wealth and evade tax.
In a joint investigation with the Bureau of Investigative Journalism, the BBC exposed that accounts signed off by Deloitte Cyprus in 2006 allowed assets such as superyachts, mansions and private jets worth $672 million to vanish from Abramovich’s company books.
During a parliamentary committee meeting in Nicosia, a Ministry of Justice official announced that the police’s Financial Intelligence Unit would look into whether any criminal acts were committed, and how the alleged scheme may have operated from 1995 to 2022.
Roman Abramovich’s lawyers deny any knowledge of document falsification, saying the billionaire relied on legitimate professional advice. Deloitte Cyprus, citing the age of the documents, declined to comment directly.
The ongoing investigation is part of the International Consortium of Investigative Journalists’ Cyprus Confidential project, which has documented a broader network of offshore companies used for tax evasion and money‑laundering. Police officials have already started gathering evidence and expect the probe to take several months.
While an inquiry is underway, the case highlights challenges Cyprus faces in regulating high‑profile offshore practices and the role of audit firms in preventing financial misconduct.
