In brief
Police in Cyprus have launched a formal investigation into the finances of Russian billionaire Roman Abramovich, spurred by a BBC Panorama exposé that names Deloitte Cyprus as a key player in a scheme to hide wealth and dodge taxes. The report claims that in 2006 Deloitte signed off on documents that removed assets worth £508 million—superyachts, jets and mansions—from Abramovich’s corporate books, feeding a sprawling offshore network. While Abramovich’s lawyers deny any wrongdoing and say he merely followed professional guidance, the Financial Intelligence Unit will scrutinise all parties involved. The probe is expected to take several months, and key evidence comes from leaked files covering 1995‑2022.
Cyprus police have opened a probe into the financial affairs of Russian billionaire Roman Abramovich.
The investigation was sparked by a BBC Panorama report that alleged Deloitte Cyprus helped falsify documents to hide wealth and dodge taxes.
Key findings:
- Deloitte Cyprus signed off documents in 2006 that removed assets worth £508 m from Abramovich’s company books.
- Leaked files covering 1995‑2022 show a network of offshore companies and missing superyachts, mansions and jets.
- Cypriot police’s Financial Intelligence Unit will look into any company or person involved.
Lawyers for Abramovich deny any wrongdoing and say the billionaire simply followed professional advice.
Deloitte claims it acted within the law and cannot comment on the old documents.
For more detail, watch BBC’s Panorama special "How He Hid His Fortune".
