THE PAPER TRAIL JUST GOT A BADGE! Police in Cyprus have opened an investigation into the financial affairs of Russian billionaire Roman Abramovich, the BBC reported.
It follows a BBC Panorama and Bureau of Investigative Journalism report alleging that accountancy giant Deloitte helped falsify documents to hide his wealth and evade tax. According to that report, accounts signed off by Deloitte in Cyprus in 2006 meant assets such as superyachts, mansions and private jets worth $672m (£508m) vanished from his company accounts.
A Cypriot Ministry of Justice official told MPs the police Financial Intelligence Unit will look at the findings to determine whether any crimes were committed. Police representative Andreas Anastasiades said evidence-gathering has already begun, the probe should last several months, and “We will look at any company or person who may be involved.”
The other side: Abramovich’s lawyers say he denies evading tax or concealing his fortune, that Panorama has shown no evidence he knew about or directed any falsification, and that it was legitimate to rely on professional advice. Deloitte Cyprus says it acts “in compliance with applicable laws” and can’t comment because the documents are more than 20 years old.
Not the first round, either: after earlier reporting on a yacht tax scheme, two former company directors were indicted and are due to stand trial in Cyprus next month over €25m in unpaid VAT.
Featured image: AI-generated editorial illustration by Bugle Blast.
Sources: BBC News
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