A joint BBC Panorama and Bureau of Investigative Journalism investigation found that Deloitte helped falsify documents to conceal Roman Abramovich's wealth and evade tax. Accounts signed off by Deloitte in Cyprus allowed assets—including superyachts, mansions and private jets—worth $672m (£508m) to vanish from Abramovich's company records. Deloitte also appears to have advised on a scheme to avoid a large tax bill through document falsification. Barrister Andrew Mitchell KC described the scheme as straightforward tax evasion, saying it couldn't be more blatant.
Abramovich's lawyers denied the claims, stating he never evaded tax or concealed his fortune, and that Panorama provided no evidence he knew about, authorized or directed any falsification. They argued it was legitimate to rely on professional advice. Deloitte Cyprus said it acts in compliance with applicable laws.
The findings stem from a leak of thousands of documents detailing the oligarch's finances and offshore company operations administered from Cyprus between 1995 and 2022. For nearly two decades, Abramovich was the UK's most prominent Russian oligarch, owning Chelsea Football Club until his 2022 sanctions following Russia's invasion of Ukraine. His lawyers said he denies the allegations in a separate Jersey investigation, claiming it was undertaken for political purposes.
Source: Hacker News · Summarized by HeadlinesBriefing