In brief
Cyprus police have started a formal inquiry into the financial affairs of Russian billionaire Roman Abramovich, prompted by a BBC Panorama exposé. Reporters revealed that Deloitte Cyprus signed off on fabricated documents that omitted high‑value assets such as superyachts, private jets and mansions worth $672 million. The investigation aims to determine whether any criminal actions, including fraud and document manipulation, were carried out. While Abramovich’s lawyers deny any knowledge or involvement, the police will also scrutinise Deloitte’s role in the alleged tax‑evasion scheme.
Cyprus police have opened a formal investigation into the financial affairs of Russian billionaire Roman Abramovich, following revelations by BBC Panorama that Deloitte helped falsify documents to hide his fortune and evade tax.
The report, released in partnership with the Bureau of Investigative Journalism (BBC/TBIJ), highlighted how Deloitte Cyprus signed off on documents in 2006 that removed assets such as superyachts, mansions and private jets worth $672 million from Abramovich’s company accounts.
A Ministry of Justice official told MPs that the Financial Intelligence Unit would review the report’s findings as part of a new probe. The investigation was announced during a parliamentary committee meeting in Nicosia focused on money‑laundering prevention.
Abramovich’s lawyers have denied any tax evasion or concealment, and Deloitte says it acted in compliance with applicable laws. Police will also assess whether any fraud or document manipulation occurred, according to a representative with the Financial Crime Unit.
The evidence stems from leaked files, including thousands of documents detailing the operations of a Cyprus‑based offshore network from 1995 to 2022. The International Consortium of Investigative Journalists’ (Cyprus Confidential) investigation has been tracking these documents since 2023.
The police expect the inquiry to take several months. Should evidence of wrongdoing emerge, the investigation could involve Deloitte and other parties.
