Cyprus police have opened an investigation into the financial affairs of Roman Abramovich, following revelations by BBC Panorama and the Bureau of Investigative Journalism (TBIJ) that Deloitte, a global accountancy firm, helped falsify documents to hide Abramovich’s wealth and evade tax. The investigation was announced at a parliamentary committee meeting in Nicosia, the Cypriot capital.

Focus on Deloitte and Falsified Documents

A Cypriot Ministry of Justice official told MPs that the police’s Financial Intelligence Unit would examine whether any criminal acts were committed. The BBC and TBIJ report detailed how Deloitte in Cyprus, in 2006, signed off on accounts that caused assets such as superyachts, mansions, and private jets worth $672m (£508m) to vanish from Abramovich’s company records.

The evidence was found in leaked files, including thousands of documents about Abramovich’s finances and the operations of a network of offshore companies administered from Cyprus between 1995 and 2022. Deloitte Cyprus said it acts “in compliance with applicable laws” and is unable to comment because the documents are more than 20 years old and no longer accessible.

Abramovich Denies Wrongdoing

Abramovich’s lawyers have stated that he denies evading tax or concealing his fortune. They added that he relied on professional expert advice. The BBC and TBIJ have previously reported on a tax scheme that allowed Abramovich to avoid millions in tax on the running costs of his yachts.

Following that report, 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 BBC that he had “always obtained independent expert professional tax and legal advice” and “acted in accordance” with it.

Investigation Timeline and Scope

Andreas Anastasiades, an assistant director of the Cypriot police’s crime combating department, confirmed to MPs that the Financial Crime Unit had already begun gathering evidence. He said the investigation is expected to last several months. The police will look into any company or person who may be involved and will assess whether there has been fraud or if some documents have been manipulated.

The investigation covers events between 2003 and 2006 and follows an international investigation by the Guardian, the BBC, and TBIJ into the management of Abramovich’s business empire. The findings were based on the Cyprus Confidential leak of more than 500,000 documents, first released to the International Consortium of Investigative Journalists and analyzed by several media organizations.