In brief
Cyprus police have launched a full investigation into the financial affairs of Roman Abramovich after BBC Panorama exposed how Deloitte Cyprus allegedly helped hide the billionaire’s wealth. The probe, led by the Financial Intelligence Unit, will examine whether any criminal conduct, including document manipulation, occurred. Abramovich’s lawyers deny the claims, while Deloitte defends its compliance with local laws. The inquiry is expected to span several months and could bring international scrutiny to Cyprus’ offshore financial system.
Cyprus police launch probe
Cypriot officials announced at a Nicosia parliamentary committee that they are opening an investigation into the financial records of Russian billionaire Roman Abramovich. The probe follows a BBC Panorama investigation that exposed how Deloitte’s Cyprus office allegedly falsified documents to conceal the oligarch’s wealth and avoid tax payments.
Scope of the inquiry
Police’s Financial Crime Unit said it would examine the filing of assets—including super‑yachts, mansions and private jets worth about $672 million (≈£508 million) that slipped from Abramovich’s company accounts in 2006. Mr. Andreas Anastasiades, an investigator, told MPs that the investigation “will look at any company or person who may be involved” and will focus on potential fraud or document manipulation.
Reactions from Abramovich and Deloitte
Abramovich’s lawyers have denied any knowledge or intent to conceal assets, describing the billionaire as having followed legitimate professional advice. Deloitte Cyprus, for its part, stated it had operated in compliance with applicable laws and that the documents in question are more than 20 years old and no longer accessible.
Background of the allegations
The BBC and the Bureau of Investigative Journalism first raised concerns in early October, linking leaked files that detail offshore company operations in Cyprus between 1995 and 2022 to a structured tax evasion scheme. The findings have been followed by reports from the International Consortium of Investigative Journalists, The Guardian, and other partners.
Implications for Cyprus’ financial sector
If the investigation confirms fraudulent activity, it could prompt a wider reassessment of Cyprus’ role as an offshore hub and affect regulatory oversight. The probe may also intersect with ongoing legal actions against former company directors over unpaid VAT.
View the full BBC Panorama documentary, Roman Abramovich: How He Hid His Fortune, to gain further insight into the case: Watch on iPlayer.
Related coverage
For more details, read the BBC’s report on document falsification: Documents falsified to evade tax on Abramovich's wealth, BBC finds.
