World
Deloitte Cyprus papers hid $672m Abramovich assets
BBC News··5d ago
BBC Panorama said accounts signed off by Deloitte in Cyprus removed assets such as yachts, mansions and jets worth $672m from Roman Abramovich's company books. Barrister Andrew Mitchell KC called the scheme straightforward tax evasion. Abramovich's lawyers denied tax evasion or concealment and denied knowledge of any falsified document. Deloitte Cyprus said it complies with applicable laws.
Prism
What It Means For You
- In Jersey, £5.4bn of Abramovich assets remain frozen while a criminal investigation continues for four years.
- His lawyers say the Jersey probe was undertaken for political purposes and deny the allegations there.
- The BBC findings come from a joint investigation with the Bureau of Investigative Journalism.
What's Happening
- Leaked MeritServus files cover offshore companies administered from Limassol between 1995 and 2022.
- Deloitte owned MeritServus until 2005; the firms later worked closely on managing the fortune, Panorama said.
- A 2006 Cyprus transparency law forced company accounts public, which Panorama said prompted backdated paperwork on Amiscan Investments' 2003 drafts.
The UK Sanctions Turn
- Abramovich bought Chelsea Football Club in 2003 and was sanctioned by the UK after Russia's 2022 invasion of Ukraine.
- He was forced to sell the club and has been reported as living in Turkey, which did not apply those sanctions.
- Panorama is due on BBC One at 20:00 BST on Monday 12 October.
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