In brief
A Cyprus police probe has been launched into the financial affairs of Russian billionaire Roman Abramovich following BBC Panorama’s revelation that Deloitte Cyprus aided the falsification of documents to conceal wealth and dodge tax. Investigators will examine whether crimes were committed and may scrutinise Deloitte’s role. Abramovich’s lawyers deny any knowledge or approval of the alleged deception, while Deloitte maintains compliance with law but cannot comment on older records. The case could prompt a wider review of offshore tax schemes and the integrity of professional advisers.
Police in Cyprus have opened a full investigation into the finances of Russian billionaire Roman Abramovich after BBC Panorama revealed that Deloitte helped falsify documents to conceal assets and evade tax.
The probe follows a joint BBC/TBIJ dossier that disclosed in 2006 Deloitte Cyprus signed off on records that removed super yachts, mansions and private jets valued at £508m ($672m) from Abramovich’s company accounts.
Defenders of the oligarch argue that the billionaire denied authorising the deception and that any professional advice was legitimate. Deloitte, however, acknowledges “compliance with applicable laws” yet refuses to comment on documents older than 20 years.
Cypriot MPs were briefed by the Financial Intelligence Unit, which will attempt to determine whether any criminal acts were committed; investigators expect the inquiry to run for several months.
Should the allegations hold, Cyprus may face the prospect of revoking permits for offshore entities, re‑examining tax‑dodging networks, and scrutinising the integrity of advisors linked to elite fortunes.
