Cyprus police investigate management of Abramovich’s assets — Cyprus Mail
Cyprus police have launched an investigation into the management of Roman Abramovich’s assets through Cypriot companies. A police spokesperson told the parliamentary institutions committee that the review would be conducted jointly with other competent authorities and was expected to last six months, Cyprus Mail reports.
Police noted that the case concerns events from several years ago, but the passage of time does not deprive law enforcement of legal grounds to examine it. A representative of the justice ministry said that the information received is being assessed and that an investigation will be conducted if signs of offences are identified.
BBC and OCCRP publications prompted the review
The review was launched after an investigation by BBC Panorama and the Organized Crime and Corruption Reporting Project (OCCRP), published on October 12. It alleged that Deloitte Cyprus approved backdated documents for Abramovich’s companies. Deloitte Cyprus told Cyprus Mail that it acts in accordance with applicable legislation.
The committee meeting discussed an allegation that the audit firm had allegedly encouraged a client to backdate documents in order to obtain a tax benefit or alter how data were reflected in financial statements. Representatives of supervisory bodies noted that such actions can now lead to disciplinary proceedings and sanctions. According to them, audit quality has improved since oversight of the profession was introduced in 2017, making it more difficult to repeat cases such as those described in relation to 2006.
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Limits on powers and tax deadlines
The Cyprus Institute of Certified Public Accountants Selk said it was studying the published materials but could not guarantee that similar cases would not recur. The organization has no authority to conduct criminal investigations and passes evidence of possible crimes to prosecutors. The licence of the person mentioned in the BBC report was revoked in 2023.
The anti-money laundering unit Mokas said it had not received a report in this case but could assist police at their request. Tax Commissioner Soteris Markides drew attention to time limits concerning tax years that may be reviewed. The central bank is also determining whether Cypriot banks were involved, although no such bank has yet been identified.
Separately, two former directors of Blue Ocean Yacht Management Ltd are due to appear before Limassol District Court on November 26 in a case involving more than €25 million in unpaid VAT. The company managed Abramovich’s superyachts, whose combined value was estimated at approximately €1.2 billion. Abramovich himself stated that he relied on independent tax and legal advice, while his lawyers denied involvement in alleged tax evasion.
