Police in Cyprus have opened an investigation into the financial affairs of Russian billionaire Roman Abramovich. The move follows investigative reporting which alleged that the accountancy firm Deloitte helped falsify documents to conceal his wealth and avoid tax. Lawyers for Abramovich say he denies evading tax or hiding his fortune.
A Cypriot Ministry of Justice official told MPs this week that the findings of the report would be examined as part of a new inquiry by the police’s Financial Intelligence Unit. The announcement was made at a parliamentary committee meeting in Nicosia, the Cypriot capital, which was discussing the fight against money laundering. The official said police would try to establish whether any criminal acts had been committed.
Leaked files link Deloitte to alleged tax scheme
Serious questions about some of Abramovich’s professional advisers were first raised earlier this month in a joint report by a broadcaster and an investigative newsroom. That report said accounts signed off by Deloitte in Cyprus in 2006 meant assets including superyachts, mansions and private jets, worth $672m (£508m), disappeared from Abramovich’s company accounts.
Deloitte, described as the world’s largest accountancy firm, also appeared to have advised on a scheme to avoid a large tax bill on the oligarch’s wealth by falsifying documents. The evidence came from leaked files containing thousands of documents about his finances and a network of offshore companies run from Cyprus between 1995 and 2022.
Media partners have been examining the leaked material since 2023 as part of the International Consortium of Investigative Journalists’ Cyprus Confidential project.
Police say evidence gathering is under way
Andreas Anastasiades, a representative of the Cypriot police, told MPs that the Financial Crime Unit had already begun collecting evidence. He said the investigation was expected to last several months. Asked whether the probe would look at Deloitte’s work, he said: “We will look at any company or person who may be involved.”
He added that officials would check whether fraud had taken place or whether documents had been tampered with. Lawyers for Abramovich argue that no evidence has been presented showing he knew about, approved or directed any falsification. They also say it was legitimate for his companies to rely on professional advice.
Deloitte Cyprus said it could not comment, because the documents are more than 20 years old and no longer accessible. It said it acts “in compliance with applicable laws.”
Earlier yacht tax case led to charges
An earlier report by the same journalists examined a tax arrangement that reportedly allowed Abramovich to avoid millions in tax on the running costs of his yachts. Following that reporting, two former company directors have been indicted and are due to stand trial in Cyprus next month over €25m in unpaid VAT.
Abramovich’s lawyers previously told the journalists that he had “always obtained independent expert professional tax and legal advice” and had acted in accordance with it.
