Cyprus police open investigation into financial affairs of Roman Abramovich

ByJames Oliver and Rory Tinman, BBC Panorama.

Key points

• Deloitte Cyprus notes it is unable to comment as the documents are more than 20 years old and no longer accessible.
• After that report, two former business directors have been indicted and are due to stand trial in Cyprus next month over €25m in unpaid VAT.
• According to Lawyers for Abramovich have, he denies evading tax or concealing his fortune.
• The police investigation was confirmed at a parliamentary committee gathering in the Cypriot capital, Nicosia, held to discuss the combating and prevention of funds laundering.
• Lawyers for Abramovich say that Panorama has provided no evidence that the billionaire knew regarding, authorised or directed the falsification of any document.

After revelations by BBC Panorama that accountancy firm Deloitte assisted in falsifying documents to hide his wealth and evade tax, police in Cyprus have opened an investigation into the financial affairs of Roman Abramovich.

Serious questions regarding the integrity of some of Abramovich's professional advisers were raised earlier this month in a joint report from the BBC and the Bureau of Investigative Journalism (TBIJ).

Meanwhile, a Cypriot Ministry of Justice official informed MPs this week that the report's findings would be looked at as part of a new investigation by the police's Financial Intelligence Unit.

According to Lawyers for Abramovich have, he denies evading tax or concealing his fortune. Deloitte Cyprus remarked it acts "in compliance with applicable laws".

Notably, the police investigation was confirmed at a parliamentary committee gathering in the Cypriot capital, Nicosia, held to discuss the combating and prevention of funds laundering.

In practice, the Ministry of Justice official informed MPs the police would try to determine whether any criminal acts had been committed.

Last week, the report from the BBC and TBIJ detailed how accounts signed off by Deloitte in Cyprus in 2006 meant assets such as superyachts, mansions and private jets worth $672m (£508m) vanished from Abramovich's firm accounts.

Deloitte, which is the world's largest accountancy firm, additionally appears to have advised on a scheme to evade a enormous tax bill on the oligarch's wealth, through the falsification of documents.

Notably, the evidence was contained in leaked files, including thousands of documents regarding Abramovich's finances and the operations of a network of offshore businesses, administered from Cyprus between 1995 and 2022.

Meanwhile, the BBC and media partners including TBIJ, the Guardian, Paper Trail Media, the Organised Crime and Corruption Reporting Project, and Cyprus Investigative Reporting Network, have been reporting on the leaked files since 2023 as part of the International Consortium of Investigative Journalists' Cyprus Confidential, external investigation.

Meanwhile, a representative from the Cypriot police, Andreas Anastasiades, confirmed to MPs that its Financial Crime Unit had already begun to gather evidence, and remarked the investigation was anticipated to last a number of months.

When asked by the BBC if the investigation would look into Deloitte's work, Andreas Anastasiades remarked: "We will look at any company or person who may be involved."

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

Lawyers for Abramovich say that Panorama has provided no evidence that the billionaire knew regarding, authorised or directed the falsification of any document. They additionally say it was legitimate for his businesses to rely on advice from professionals.

Notably, the BBC and TBIJ have previously documented on a tax scheme that allowed Abramovich to dodge millions in tax on the running costs of his yachts.

Mr Abramovich's lawyers previously informed the BBC that he had "always obtained independent expert professional tax and legal advice" and "acted in accordance" with it.

For now, cyprus police open investigation into financial affairs of Roman Abramovich remains the part of the story worth watching, and further updates are likely as more details are confirmed.