In brief: Cypriot police have opened a criminal investigation into the financial affairs of Roman Abramovich, following allegations that Deloitte Cyprus helped falsify documents to conceal his wealth and evade tax. The inquiry adds a second jurisdiction to the legal pressure on the Russian billionaire, whose assets are already frozen in Jersey, Channel Islands.
A second front opens
Cypriot police have launched a formal investigation into the financial affairs of Roman Abramovich, the Jersey Evening Post reports. The inquiry follows allegations aired by BBC Panorama and the Bureau of Investigative Journalism that Deloitte Cyprus helped falsify documents in order to conceal the billionaire’s wealth and avoid tax liabilities.
Police representative Andreas Anastasiades confirmed the scope of the investigation, stating: “We will look at any company or person who may be involved.” The inquiry is expected to take several months as authorities gather evidence to establish whether criminal offences occurred.
Deloitte Cyprus, for its part, said it acts “in compliance with applicable laws.” Mr Abramovich denies evading tax or concealing his fortune, and his lawyers maintain there is no evidence he knew about or authorised any document falsification.
Jersey’s frozen billions
For readers in Jersey, this story is anything but distant. More than £5 billion of assets linked to the former Chelsea Football Club owner remain frozen in the island, where a criminal investigation began in early 2022. That investigation has been running for the better part of four years, making it one of the most significant financial crime inquiries ever conducted here.
Mr Abramovich’s lawyers have recently renewed claims that the Jersey inquiry is politically motivated, a charge the government has firmly rejected. The government has stressed that the Attorney General is constitutionally independent, a point worth noting for those who might wonder whether political winds from London or Brussels have any bearing on proceedings in Royal Square.
The Cyprus development matters to Jersey because it suggests that scrutiny of Mr Abramovich’s financial arrangements is widening rather than narrowing. Where one jurisdiction investigates, others tend to follow, and the island’s own inquiry now sits within a broader international picture.
The allegations and the denials
The BBC Panorama and Bureau of Investigative Journalism reporting that triggered the Cypriot investigation centres on claims that professional services firm Deloitte Cyprus played a role in falsifying documents to help obscure the billionaire’s wealth. The allegations are serious: document falsification in the context of tax evasion is not a technical accounting dispute but a potential criminal matter in most jurisdictions.
Mr Abramovich’s legal team has been consistent in its denials. His lawyers say there is no evidence he knew about or authorised any falsification, and he personally denies evading tax or concealing his fortune. Those denials are on the record, and the investigations in both Cyprus and Jersey remain at the evidence-gathering stage. No charges have been reported.
Source: Jersey Evening Post
