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Deloitte helped falsify documents to hide Roman Abramovich's wealth and evade tax, BBC investigation finds
Overview
A joint investigation by BBC Panorama and the Bureau of Investigative Journalism, as part of the 'Cyprus Confidential' leak, reveals that accounting firm Deloitte helped falsify and backdate documents to hide Roman Abramovich's assets and evade millions in taxes. Accounts signed off in Cyprus made luxury assets worth hundreds of millions vanish, while lawyers and experts described the schemes as blatant tax evasion and rule-breaking. Abramovich's lawyers denied any wrongdoing or knowledge of falsifications, stating he legitimately relied on professional advice, while Deloitte Cyprus stated it complies with applicable laws.
Key points
- A leak of thousands of documents from offshore companies administered in Cyprus reveals methods used to hide Roman Abramovich's wealth between 1995 and 2022.
- Accounts signed off by Deloitte in Cyprus caused assets worth $672m, including superyachts, mansions, and private jets, to vanish from company accounts to bypass a 2006 transparency law.
- Deloitte reportedly advised on a scheme involving backdated documents to evade tax on interest earned by Abramovich's Cypriot company, Kravin Investments.
- A third set of documents was falsified by corporate services firm MeritServus to make a $10bn fortune held by Electus Investments in Cyprus appear to belong to a BVI-based company.
- Legal and financial experts described the actions as clear tax evasion and violations of statutory duties, though Abramovich's lawyers stated he denies evading tax and relied legitimately on professional advice.