Cyprus Police Probe Roman Abramovich Financial Affairs

Law enforcement authorities in Cyprus have launched an official investigation into the financial affairs of Russian billionaire Roman Abramovich. This development follows major revelations by BBC Panorama and the Bureau of Investigative Journalism (TBIJ), which exposed that accounting firm Deloitte assisted in falsifying documents to conceal his wealth and evade taxes.

Serious questions regarding the professional integrity of Abramovich's advisers were raised earlier this month following a joint investigative report by the BBC and TBIJ. During a parliamentary committee meeting in the Cypriot capital of Nicosia focusing on anti-money laundering, a Ministry of Justice official informed MPs that the report's findings would form the basis of a brand new inquiry by the police Financial Intelligence Unit.

According to the investigative findings, accounts signed off by Deloitte in Cyprus back in 2006 resulted in major assets—including superyachts, mansions, and private jets valued at $672 million (£508 million)—vanishing from Abramovich's company records. Furthermore, Deloitte appears to have advised on a scheme designed to bypass massive tax bills through fabricated documentation, all uncovered through thousands of leaked files detailing offshore operations between 1995 and 2022.

Stock photo for illustration only, not from the actual event

"We will see if there has been fraud or if some documents have been manipulated."

Andreas Anastasiades, Cyprus Police Representative

Legal representatives for Abramovich responded by stating that Panorama provided no evidence proving the billionaire knew about, authorized, or directed the falsification of any documents, emphasizing that relying on professional advice was entirely legitimate for his companies. Meanwhile, Deloitte Cyprus stated it was unable to comment on the matter because the documents are over 20 years old and no longer accessible.