Deloitte allegedly helped Roman Abramovich falsify documents to hide wealth and evade tax

Reports published today indicate that aides to Roman Abramovich allegedly falsified documents to conceal assets and evade tax, with the accounting firm Deloitte Cyprus reportedly implicated in these activities. Leaked corporate records, part of the "Cyprus Confidential" investigation, suggest a long-running strategy of backdating documents to restructure billions of pounds within Abramovich's offshore business empire. For instance, records show Deloitte Cyprus signed off on accounts for a company linked to Abramovich where $672 million in assets, including yachts and private jets, seemingly disappeared after documents were backdated to 2003, though prepared later.

Further allegations include the involvement of Abramovich's close aide, Eugene Tenenbaum, in the backdating scheme and potentially providing false evidence in a UK High Court case concerning Siberian oil fields. Another Cypriot company, Kravin Investments, reportedly had its financial and accounting records for 2003 and 2004 altered after discussions with Deloitte, ostensibly to avoid paying tax in Cyprus on interest income by making it appear the company only held and invested funds for a parent entity. Experts cited in the reports suggest these actions, such as incorrectly stating transaction dates and failing to publish accurate accounts, could constitute a breach of statutory duty and amount to deliberate tax evasion.