Abramovich's Assets Vanished From Records Amid Tax Evasion Probe
Translated & summarized from Vesty by baba
A BBC investigation alleges that documents detailing Russian oligarch Roman Abramovich's assets, including yachts and jets worth $672 million, were falsified with the help of auditor Deloitte to evade taxes. Abramovich's lawyers deny tax evasion and state he had no knowledge of any falsification. The report also touches on past accusations of corrupt deals and his current residence in Turkey, while his assets remain frozen in Jersey.
The story in 6 lines · by baba
- BBC investigation alleges Deloitte helped Roman Abramovich falsify documents to hide $672 million in assets.
- Abramovich's lawyers deny tax evasion and any knowledge of document falsification.
- Deloitte's Cyprus office stated it operates in compliance with legislation.
- The report raises questions about the integrity of Abramovich's professional advisors.
- Abramovich's assets remain frozen in Jersey amid a four-year criminal investigation.
- He was sanctioned by the UK in 2022 and forced to sell Chelsea Football Club.
A journalistic investigation by the BBC's Panorama program, aired on October 12, alleges that documents detailing the wealth of Russian oligarch Roman Abramovich were falsified to evade taxes. The investigation, conducted by BBC journalists in collaboration with the Bureau of Investigative Journalism, claims that Deloitte, the world's largest auditing firm, was involved in the falsification. According to the report, Deloitte's audits in Cyprus allowed certain assets, including superyachts, mansions, and private jets valued at $672 million, to disappear from Abramovich's company records. It is suspected that Deloitte employees also advised on schemes to avoid substantial taxes on the oligarch's fortune through document falsification, which the evidence suggests constitutes clear tax evasion.
Abramovich's lawyers have stated that their client denies evading taxes or concealing his assets. They emphasized that the Panorama program provided no proof he was aware of, authorized, or directed the document falsification, adding that seeking advice from professional consultants is legal. Deloitte's Cyprus office asserted that it operates in compliance with current legislation.
The BBC report highlights that the investigation uncovered new evidence about the management of Abramovich's business empire and raises serious questions about the professional integrity of some of his advisors. This follows a 2022 Panorama report that accused Abramovich of amassing his fortune through corrupt deals in the 1990s, which he denied. The profits from these oil deals were reportedly channeled through offshore companies managed from Cyprus via a firm called MeritServus, which was previously owned by Deloitte until 2005. Both companies subsequently collaborated closely with Abramovich's associates in managing his global wealth.
Abramovich, once a prominent figure in the UK after purchasing Chelsea Football Club in 2003, was sanctioned by the British government in 2022 following Russia's full-scale invasion of Ukraine and was forced to sell the club. He is reportedly currently residing in Turkey, which has not imposed sanctions on Russia. Meanwhile, his assets totaling £5.4 billion remain frozen on the island of Jersey, where a four-year criminal investigation is ongoing, which his lawyers claim is politically motivated. Abramovich also recently lost a case in Israel's Supreme Court regarding 8 million shekels.
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