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A BBC Panorama and Bureau of Investigative Journalism investigation says leaked records show Deloitte Cyprus reviewed backdated paperwork used to remove $672 million in assets from a Roman Abramovich company’s accounts. It also reports evidence of a proposed tax scheme involving another company, but Abramovich denies tax evasion and Deloitte Cyprus says it complies with applicable laws.
BBC Panorama and the Bureau of Investigative Journalism say leaked records show Deloitte Cyprus reviewed backdated documents that removed $672 million in assets from a Roman Abramovich-linked company’s accounts, and that the firm appears to have advised on a separate scheme to evade tax. The allegations raise questions about the conduct of professional advisers, but Abramovich denies evading tax or concealing his wealth, and Deloitte Cyprus says it complies with applicable laws.
The investigation is based on thousands of leaked documents concerning Abramovich’s finances and offshore companies administered from Cyprus between 1995 and 2022. The BBC and the Bureau of Investigative Journalism report that documents show luxury properties, aircraft and boats were removed from the accounts of Amiscan Investments, a Cypriot company associated with Abramovich.
According to the report, Deloitte Cyprus had prepared draft accounts for 2003 listing assets worth $672 million, including a West Sussex mansion, a London flat, an estate in southern France, aircraft and yachts. After Cyprus introduced a requirement for company accounts to be made public, Abramovich’s associates and corporate services firm MeritServus planned to transfer the assets to Amiscan’s British Virgin Islands parent. The investigation says the transfer was backdated to 2003, although the paperwork was prepared later.
The BBC reports that Deloitte reviewed the documents and described them as “adequate” for removing the assets from Amiscan’s accounts. The company accounts were signed off in 2006, leaving only $75,000 in assets recorded, according to the report. That figure describes the account balance reported by the investigation; it does not establish the value of the company’s assets at a later date.
A separate episode concerns Kravin Investments, another Abramovich-linked Cypriot company that the report says held almost $2 billion in 2003 and earned substantial interest. The investigation says that interest could have been subject to Cypriot tax. An August 2005 email from MeritServus to Abramovich’s Russian associates, quoted by the BBC, said that a plan devised after a meeting with Deloitte would require changing the company’s 2003 and 2004 financial statements and accounting records. The supplied reporting does not set out the full subsequent steps or establish the final tax outcome.
Questions About Auditors’ Responsibilities
The report matters because it alleges that a major accountancy firm reviewed paperwork that helped make significant assets disappear from published company accounts. If the reported records are accurate, the episode raises questions about the reliability of corporate accounts and the oversight of advisers working across offshore structures. Such accounts can affect what tax authorities, regulators and other stakeholders are able to see about a company’s finances.
The tax allegation is distinct from the question of what Abramovich personally knew or directed. His lawyers say the BBC provided no evidence that he knew about, authorised or directed the falsification of documents, and argue that it was legitimate to rely on professional advice. The report identifies evidence involving advisers and associates, but the supplied material does not establish a finding by a court or regulator that Abramovich committed a tax offence.
The allegations also come against a wider backdrop of scrutiny of Abramovich’s wealth. His assets in Jersey remain frozen, according to the source report, and a criminal investigation there has been under way for four years. Those proceedings and the BBC’s reporting are separate developments; the investigation’s allegations should not be treated as a verdict in either matter.
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How Cyprus Accounts Became Central
The companies in the report formed part of a wider network used to hold and administer Abramovich’s wealth. The BBC says profits from his Russian oil dealings were channelled through offshore companies administered in Cyprus by MeritServus, a Limassol-based corporate services firm. Deloitte owned MeritServus until 2005; after the two businesses separated, they continued to work closely together, according to the investigation.
The report places the disputed accounting in the period after Cyprus passed a law requiring company accounts to be made public. It says the prospect of disclosure prompted Abramovich’s associates to arrange a transfer of assets from Amiscan Investments to its British Virgin Islands parent. The claimed backdating would make the transfer appear to have taken place before the new transparency requirement took effect for the accounts at issue.
The BBC had previously reported in 2022 on Abramovich’s acquisition and later sale of a Russian state-owned oil company, alleging that the deal involved corruption. Abramovich has rejected those allegations, according to the supplied report. That earlier reporting provides background on scrutiny of the source of his wealth, but it is separate from the newly reported claims about company accounts and tax planning.
““violation of a statutory duty””
— Lord Sikka, accounting professor at the University of Sheffield, as quoted by BBC Panorama
offshore asset management software
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What the Documents Do Not Establish
The report describes evidence from leaked records, but the supplied material does not include a court judgment or regulator’s finding on the alleged conduct. It is not clear from the available account whether authorities have reached conclusions about Deloitte Cyprus’s role, or whether the firm disputes the specific documents and events described in detail.
Abramovich’s knowledge and involvement remain disputed. His lawyers say there is no evidence he knew of or directed document falsification; the report presents correspondence involving advisers and associates but does not establish that he personally authorised the actions. The complete legal and tax consequences of the Kravin proposal are also unclear: the supplied material does not confirm whether the proposed accounting changes were made, what tax was ultimately paid, or whether any tax authority ruled on the arrangement.
The report also refers to a Jersey criminal investigation that has been under way for four years and frozen assets valued at £5.4 billion. It does not establish that the investigation has produced charges or a final determination. No outcome should be inferred from the fact that assets remain frozen.
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Further Responses and Jersey Investigation
The next developments to watch are any fuller responses from Deloitte Cyprus, Abramovich’s representatives, or relevant authorities, as well as any public action connected to the Jersey investigation. The supplied report does not announce a charge, court hearing or regulatory decision arising from the documents, and it gives no timetable for such a step.
Further reporting or released records may clarify whether the proposed changes to Kravin Investments’ accounts were carried out and what happened to the assets removed from Amiscan’s statements. Until additional records or official findings are available, the claims about tax evasion and the roles of the individuals and firms involved remain allegations reported by the joint investigation.
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Key Questions
What does the investigation allege Deloitte Cyprus did?
The BBC and the Bureau of Investigative Journalism say Deloitte Cyprus reviewed backdated documents that allowed $672 million in assets to be removed from Amiscan Investments’ accounts. They also report evidence that Deloitte appears to have advised on a separate proposed tax scheme involving Kravin Investments.
Has a court found that Abramovich evaded tax?
The supplied report does not identify a court finding that Abramovich evaded tax. He denies the allegation, and his lawyers say the investigation showed no evidence that he knew about or directed falsification of documents.
What assets were removed from the Amiscan accounts?
The report lists property in West Sussex, London and southern France, along with helicopters, private jets and boats, including the yacht Pelorus. It says the assets were valued at $672 million in draft 2003 accounts before being removed from the company’s recorded assets.
What has Deloitte Cyprus said?
Deloitte Cyprus told the BBC that it “acts in compliance with applicable laws.” The supplied source material does not include a more detailed response to each allegation.
What remains to be established?
The available reporting does not establish whether the Kravin accounting changes were completed, what tax was ultimately paid, or whether authorities have made findings about the conduct described. Abramovich’s knowledge and the outcome of the ongoing Jersey investigation also remain unclear.
Source: hn
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