In brief
Cypriot police have announced an investigation into billionaire Roman Abramovich’s financial affairs amid claims that Deloitte Cyprus helped conceal assets and evade taxes. The probe was unveiled before a parliamentary committee on money‑laundering prevention and will examine evidence gathered by the Financial Intelligence Unit over several months. Leaked documents show that in 2006, accounts omitted yachts, mansions and jets worth more than $672 million from Abramovich’s books. Although the oligarch’s lawyers deny involvement, the case highlights how offshore wealth can be wrapped in legal ambiguity and how multinational firms may play a role.
In a move that signals a new focus on offshore wealth, Cypriot police have opened an inquiry into the financial affairs of Russian billionaire Roman Abramovich. The investigation follows a BBC Panorama documentary that linked the oligarch’s offshore network to a tax‑evasion scheme and the falsification of corporate documents by the world‑leading accounting firm Deloitte.
The probe was announced in front of a parliamentary committee in Nicosia that plays a key role in combating money laundering. A justice ministry spokesman confirmed that the police’s Financial Intelligence Unit is already gathering evidence and expects the work to run for several months. The unit will also review whether any company or individual, including Deloitte, was involved in wrongdoing.
According to the Panorama report, Deloitte Cyprus signed off on 2006 accounts that omitted assets—superyachts, mansions and private jets worth more than $672 million—from Abramovich’s corporate books. The BBC and the Bureau of Investigative Journalism have since released thousands of leaked documents that map the oligarch’s offshore operations from 1995 to 2022.
Abramovich’s lawyers deny any knowledge of the alleged fraud, arguing that the billionaire relied on expert legal and tax advice. Deloitte, however, has said it cannot comment because the documents are older than 20 years and are no longer accessible.
The investigation has implications beyond Russia, as it underscores the need for stricter oversight of multinational accounting practices in a globalised economy where financial secrecy can fuel illicit tax practices.
