Deloitte Cyprus Helped Roman Abramovich Falsify Documents to Hide Wealth, Investigation Finds

An investigation by BBC Panorama and the Bureau of Investigative Journalism has revealed that accounting firm Deloitte in Cyprus helped falsify documents to hide wealth and evade taxes for Russian oligarch Roman Abramovich. Leak-based findings show that accounts approved by Deloitte Cyprus removed $672 million in luxury assets—including superyachts, private jets, and real estate—from corporate records.

Backdated Paperwork and Asset Removal

According to thousands of leaked documents from offshore service provider MeritServus, corporate advisers and Deloitte Cyprus acted to circumvent a 2006 Cyprus transparency law requiring public disclosure of corporate financial statements. To keep Abramovich's holdings private, advisers created a plan to transfer $672 million in assets from his Cypriot company, Amiscan Investments, to a parent firm in the British Virgin Islands.

The documentation was backdated by three years to imply the transfer occurred in 2003. Deloitte Cyprus reviewed these backdated files and signed off on the finalized 2003 accounts in 2006, wiping mansions in France and Sussex, private aircraft, and the $147.5 million yacht Pelorus off Amiscan's financial records, leaving just $75,000 listed. Accounting expert Lord Sikka described the misrepresentation of transaction dates as a breach of statutory duty.

Tax Evasion Allegations and Responses

The investigation also uncovered evidence of document alteration regarding Kravin Investments, an Abramovich-owned Cypriot entity holding nearly $2 billion in 2003. Internal communications show that advisers coordinated with Deloitte to modify financial records to avoid tax liabilities on substantial interest earnings. Financial services legal expert Andrew Mitchell KC described the arrangements as explicit tax evasion.

Lawyers representing Roman Abramovich denied that he engaged in tax evasion or concealed his fortune, stating there is no evidence he authorized, knew of, or directed any document falsification, and noted his right to rely on professional advice. Deloitte Cyprus stated that it operates in full compliance with all relevant legal requirements. Abramovich, who was sanctioned by the UK government in 2022 following Russia's invasion of Ukraine, currently faces frozen assets worth £5.4 billion in Jersey alongside an ongoing criminal probe.