BBC Investigation Alleges Documents Were Falsified to Hide Abramovich’s Wealth and Evade Tax

An investigation by BBC Panorama and the Bureau of Investigative Journalism has uncovered evidence that documents were allegedly falsified and backdated to conceal billions of dollars linked to Russian billionaire Roman Abramovich and reduce tax liabilities on his vast fortune.

The investigation, published on Monday, October 12, found that Deloitte’s Cyprus operations and its former spin-off, MeritServus, were involved in producing or approving backdated corporate records connected to Abramovich’s offshore business network. The findings were based on leaked financial documents covering companies and transactions spanning several years.

According to the investigation, more than 1,000 corporate records were identified as having been backdated, in some cases by as much as five years. The records included agreements and other paperwork that allegedly changed how assets and financial transactions appeared in company accounts.

One scheme involved approximately $2 billion held by a Cyprus-based company, Kravin Investments. Investigators reported that advisers created documents designed to make it appear that the money had been transferred to another company years earlier, potentially reducing tax liabilities associated with interest earned on the funds.

Another case involved assets worth about $672 million, including luxury properties, aircraft, helicopters and yachts. The investigation found that these assets appeared in draft accounts prepared for Abramovich-linked company Amiscan Investments but were absent from subsequently finalised accounts after changes to the paperwork.

The investigation also examined records involving Electus Investments, a Cyprus-based company associated with Abramovich’s business interests. Documents allegedly made it appear that a British Virgin Islands company had owned a fortune exceeding $10 billion since 2003, although correspondence reviewed by investigators indicated that the Cyprus company had previously held the assets.

Financial crime and accounting experts consulted by the investigative team said the practices described in the documents raised serious concerns about potential tax evasion, false accounting and professional misconduct. The precise amount of tax that may have been avoided was not established.

Abramovich’s lawyers denied that he evaded tax or concealed his fortune unlawfully. They said the investigation had not demonstrated that he knew about, authorised or directed the falsification of documents, adding that it was legitimate for him and his companies to rely on professional advisers.

Deloitte Cyprus said it acts in compliance with applicable laws. The allegations have raised questions about the responsibilities of accountants and corporate service providers who administer complex offshore structures for wealthy clients.

Abramovich became internationally prominent in Britain after purchasing Chelsea Football Club in 2003, financing a period of significant sporting success. Following Russia’s full-scale invasion of Ukraine in 2022, the British government sanctioned him, and he was required to sell the club.

The new findings also come against the background of a criminal investigation in Jersey, where billions of pounds in assets linked to Abramovich remain frozen. His lawyers have denied the allegations connected to that investigation and described it as politically motivated.

The investigation highlights how offshore corporate structures and the professionals managing them can make it difficult for authorities to establish the ownership of assets and determine whether tax obligations have been met. Any legal conclusions about individual responsibility will depend on further investigation and the relevant authorities’ assessment of the evidence.