An investigation by BBC Panorama has uncovered allegations that Deloitte assisted Roman Abramovich in falsifying documents to conceal his wealth and evade taxes. The investigation indicates 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 scheme as "straightforward" tax evasion. Abramovich's legal representatives denied any wrongdoing, asserting that he did not authorize or direct the falsification of documents and that he relied on professional advice. Deloitte Cyprus stated it acts in compliance with applicable laws.
The investigation follows a collaborative effort between BBC Panorama and the Bureau of Investigative Journalism, revealing new evidence about the management of Abramovich's business empire. The documents leaked include thousands of records related to Abramovich's finances and offshore companies operated from Cyprus between 1995 and 2022.
Abramovich, who was a prominent Russian oligarch in the UK, faced sanctions from the UK government following Russia's invasion of Ukraine in 2022, leading to the sale of Chelsea Football Club. Currently residing in Turkey, his assets worth £5.4 billion remain frozen in Jersey amid a four-year criminal investigation.
The leaked documents suggest that Deloitte advised on schemes to evade tax liabilities, including backdating financial records to misrepresent asset ownership. Andrew Mitchell KC noted that such actions, if occurring in England, would likely prompt a prosecution by His Majesty's Revenue and Customs. Cypriot MP Christos Christofides emphasized the need for accountability if tax evasion is confirmed.
In addition to the allegations against Deloitte, the investigation highlights the role of MeritServus, a corporate services firm that managed Abramovich's offshore companies. MeritServus allegedly created backdated documents to obscure the true ownership of Abramovich's wealth, including a significant fortune held by Electus Investments in Cyprus.
Deloitte has refrained from commenting on specific allegations due to the age of the documents involved, while MeritServus has ceased operations following the leak.