Business · Companies · 2 hrs ago
Investigation says advisers falsified records to cut tax on Abramovich’s wealth
A BBC investigation says documents were falsified to hide assets and reduce tax owed by companies linked to Roman Abramovich.
The findings focus on companies in Cyprus, including Kravin Investments, which held almost $2bn in 2003.
The investigation says advisers created backdated records to make it appear that Kravin held the money for its parent company rather than owning it.
This could have avoided tax in Cyprus on interest earned from the funds.
It also says Deloitte signed accounts that left assets worth $672m off company records and apparently advised on changes to financial records.
Abramovich’s lawyers say he denies evading tax or concealing his wealth, and that there is no evidence he knew about or authorised falsified documents.
Deloitte Cyprus says it complies with applicable laws; separately, £5.4bn of Abramovich’s assets remain frozen in Jersey, where a criminal investigation has been under way for four years.
An investigation by BBC Panorama, the Bureau of Investigative Journalism and the Guardian says advisers to Roman Abramovich backdated and falsified records to disguise assets and reduce tax.
The records concern offshore companies including Kravin Investments, which held about $2bn in 2003.
The investigation says the changes made it appear that Kravin did not own money on which it might otherwise have owed tax in Cyprus.
Abramovich’s lawyers deny wrongdoing and say he relied on professional advice.
Deloitte Cyprus said it acts in compliance with applicable laws.
- Who
- Roman Abramovich’s aides and advisers, including staff at Deloitte Cyprus and MeritServus.
- What
- Records suggest advisers falsified and backdated paperwork to disguise assets and reduce tax liabilities.
- When
- The records describe activity from 1999 until at least 2013, including a plan discussed in 2005.
- Where
- The records concern offshore companies and assets, including Kravin Investments in Cyprus.
- Why
- The documents appear to have been altered to make it look as though Kravin did not own money that could generate taxable interest in Cyprus.
Abramovich and his representatives
Investigators and critics
Wrongdoing
Abramovich and his representatives
Abramovich’s lawyers deny that he evaded tax or concealed his fortune, and say he relied on professional advice.
Investigators and critics
The investigation says records suggest advisers falsified documents to disguise assets and help businesses evade tax.
Knowledge and responsibility
Abramovich and his representatives
His lawyers say Panorama provided no evidence that Abramovich knew about, authorised or directed the falsification.
Investigators and critics
The records describe a plan involving advisers and associates; the investigation says Deloitte appeared to advise on changes to financial records.
it couldn't be more blatant
pretty scandalous
acts in compliance with applicable laws
It will be necessary to change the [Kravin’s] financial statements and the accounting records accordingly for 2003 and 2004,
Aides and accountants moved funds between offshore jurisdictions, with records suggesting they backdated documents.
Kravin Investments received a $3bn windfall and retained about $2bn.
An email described a plan to change Kravin’s financial statements and accounting records for 2003 and 2004.
Deloitte wrote that changes would have to be made to Kravin’s accounts, according to the BBC.
The UK sanctioned MeritServus and Demetris Ioannides.
- Kravin windfall
- $3bn in May 2003
- Kravin funds retained
- About $2bn
- Email proposing record changes
- August 2005
- Deloitte email on account changes
- September 2005
- Cyprus Confidential leak
- More than 500,000 documents
- Investigation published
- 12 October 2026
Sources
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