Deloitte Helped Abramovich Hide $10bn Fortune in Tax-Evasion Scheme
Key Highlights
- Deloitte Cyprus advised Abramovich's company on a scheme to transfer assets to a company in the British Virgin Islands.
- £5.4bn of Abramovich's assets remain frozen in the Channel Island of Jersey.
- Barrister Andrew Mitchell KC calls the scheme 'straightforward' tax evasion.
Roman Abramovich, a billionaire Russian oligarch, has been accused of utilizing a complex web of offshore companies and tax evasion schemes to conceal his vast fortune. A joint investigation by BBC Panorama and the Bureau of Investigative Journalism has uncovered evidence that Deloitte Cyprus assisted Abramovich's company. Amiscan Investments, in evading millions in tax.
According to documents obtained by the BBC. Deloitte Cyprus advised Abramovich's company on a scheme to transfer assets to a company in the British Virgin Islands. The scheme involved backdating documents to create the impression that the asset transfer occurred in 2003.
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Rather than the actual date of 2006.
Approximately £5.4 billion of Abramovich's assets remain frozen in the Channel Island of Jersey. And a criminal investigation has been ongoing for four years.
Barrister Andrew Mitchell KC, an expert in financial services law, stated: This is a clear-cut case of straightforward tax evasion. If it were to occur in England, with millions of pounds involved, HMRC would be taking immediate action.
Abramovich has been reported to be living in Turkey. A country that offers him a safe haven due to its lack of sanctions. He was sanctioned by the UK government as an associate of President Vladimir Putin and was forced to sell Chelsea Football Club in 2022.
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The investigation is ongoing, and it remains unclear what consequences Abramovich and his advisers may face. The BBC and its partners will continue to follow this story and provide updates as more information becomes available.
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I write about the forces shaping business and the global economy, from startup growth and changing markets to international trade and policy. My work focuses on breaking down complex developments into clear, practical insights and understanding what they could mean for businesses, investors, and the wider economy.
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