Former directors of Abramovich-linked company to face trial in Limassol — Cyprus Mail
On November 26, two former directors of Blue Ocean Yacht Management Ltd are due to stand trial in Limassol, Cyprus, in a case concerning non-payment of VAT. The company managed superyachts belonging to Russian oligarch Roman Abramovich. The case amounts to about €25 million, Cyprus Mail reports.
Cypriot tax authorities claim that fictitious transactions were used to avoid paying VAT. Abramovich himself has not been charged in Cyprus, and the indictment does not name the people who, according to investigators, devised and organised the alleged scheme.
The accused and the defence position
According to OCCRP, tax charges were brought against former Blue Ocean directors Maria Damianou, Ioanna Ilia and Neil Wade, as well as Meritservus Secretaries Limited. At the same time, another former director was not served with an indictment because his whereabouts are unknown.
Damianou and Ilia worked at the Limassol corporate services provider Meritservus, which, according to the source, allegedly managed Cypriot companies in Abramovich's interests. They say they were ordinary employees and followed management's instructions. At a preliminary hearing, their lawyer requested access to the evidence and did not comment on the substance of the charges.
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Tax assessment
Blue Ocean received a tax assessment of €14.2 million on March 19, 2012. Objections to it were finally considered on March 27, 2024. According to Tax Commissioner Sotiris Markides, the company's lawyers challenged the assessment for 12 years, but the appeal was dismissed because they were unable to locate their clients. With accrued interest, the amount rose to €25 million.
The company register states that Blue Ocean had no officers from March 15, 2022, and that it was struck off the register on July 19, 2024, without the debt being paid. In June 2025, the company was restored by a court order obtained by the tax service. Searches for assets in the land registry and banks yielded no results: the company's accounts had been closed and it had no movable property.
Investigators claim that yachts registered to companies in the British Virgin Islands were leased to Blue Ocean and then to companies controlled by Abramovich's trust. According to their version, this made it possible not to pay VAT on fuel, crew, port fees and maintenance costs. Abramovich stated that he acted on the basis of independent professional tax and legal advice, while his lawyers denied involvement in the alleged tax evasion.
