An investigation by BBC Panorama has uncovered allegations that Deloitte, the world's largest accountancy firm, falsified documents to help Roman Abramovich evade taxes on his wealth. The investigation revealed that accounts signed off by Deloitte in Cyprus allowed assets valued at $672 million, including superyachts and mansions, to be removed from Abramovich's company accounts. Barrister Andrew Mitchell KC described the evidence as indicative of straightforward tax evasion. Abramovich's legal team denied the allegations, asserting that he did not authorize or direct any falsification of documents and that he relied on professional advice. Deloitte Cyprus stated that it acts in compliance with applicable laws.
The investigation, conducted in collaboration with the Bureau of Investigative Journalism, highlights the management of Abramovich's business empire and raises questions about the integrity of his professional advisers. Abramovich, once a prominent figure in the UK after purchasing Chelsea Football Club in 2003, has faced sanctions from the UK government following Russia's invasion of Ukraine in 2022. His assets in the Channel Island of Jersey remain frozen amid an ongoing criminal investigation.
The leaked documents, which include thousands of records related to Abramovich's finances and offshore companies, suggest that Deloitte advised on schemes to evade tax liabilities. For instance, backdated documents were created to hide the ownership of significant assets and income from tax authorities. The investigation also noted that Deloitte was aware that the documents were misleading when they were signed off.
Cypriot MP Christos Christofides indicated that if tax evasion is confirmed, measures would need to be taken to recover lost revenue. The investigation has drawn attention to the role of financial and legal services in facilitating such schemes for wealthy individuals. Abramovich's lawyers maintain that he was not involved in the operations of the companies in question and that reliance on professional advice was appropriate. Deloitte Cyprus declined to comment on specific allegations due to the age of the documents involved.