Deloitte Faces Scrutiny Over Abramovich Asset Records in Cyprus

Roman Abramovich's offshore financial network is under scrutiny after leaked records examined by BBC Panorama, the Bureau of Investigative Journalism and other partners found documents were allegedly altered to hide assets and reduce tax exposure in Cyprus.

The investigations published on October 12, 2026, focused on companies connected to Abramovich, including Amiscan Investments and Kravin Investments. According to the reports, assets worth $672 million were removed from Amiscan accounts, while Kravin held almost $2 billion in 2003.

BBC reported that Deloitte Cyprus reviewed documents that allowed Amiscan's accounts to exclude luxury properties, private jets, helicopters and yachts after records were backdated to show asset transfers had occurred earlier. The company had only $75,000 in remaining assets after the changes.

Andrew Mitchell KC, a financial services law specialist, assessed the alleged tax arrangement involving Kravin and called it a direct violation of tax rules.

"Straightforward" and "it couldn't be more blatant" are the descriptions given by Andrew Mitchell KC regarding the scheme, according to BBC Panorama.

The leaked files from the Cyprus Confidential investigation also showed records involving MeritServus, a Cyprus-based corporate services firm that managed parts of Abramovich's business structure for nearly two decades.

"Acts in compliance with applicable laws" is how Deloitte Cyprus described its conduct in response to the allegations.

Deloitte Cyprus said it could not comment on specific documents because of the age of the material. Abramovich's lawyers rejected claims that he evaded taxes or concealed his wealth.

"Any suggestion that our client evaded tax, or sought to deceive the Cypriot authorities, is denied, and publication of the same would be defamatory of him. If an arrangement was proposed by professional advisers of Deloitte’s standing, it would have been entirely proper for companies linked to our client (in which he was not involved on a day-to-day basis) to rely on it," Abramovich's lawyers said.

The investigations also examined the role of advisers and executives who managed offshore structures connected to the billionaire's fortune. Abramovich has previously denied allegations related to corruption and tax matters.

Abramovich was sanctioned by the United Kingdom after Russia's full-scale invasion of Ukraine in 2022 and was forced to sell Chelsea Football Club. His assets worth £5.4 billion remain frozen in Jersey, where a criminal investigation has continued for four years.