Documents falsified to evade tax on Abramovich’s wealth, BBC finds

BBC investigative program Panorama has uncovered evidence suggesting that the world's largest accountancy firm, Deloitte, helped to falsify documents to hide Roman Abramovich's wealth and evade tax. The documents, which were signed off by Deloitte in Cyprus, showed that assets worth $672 million had mysteriously disappeared from Abramovich's company accounts.

This alleged scheme appears to have been designed to help Abramovich avoid a large tax bill. A barrister specializing in financial services law, Andrew Mitchell, stated that Panorama's evidence demonstrated the scheme to be "straightforward" tax evasion and "blatant." Roman Abramovich's legal team has denied any wrongdoing, claiming that Panorama provided no evidence that he either knew about, authorized, or directed the falsification of any documents.

They also argued that it is acceptable to rely on professional advice. Deloitte Cyprus has maintained that it complies with all relevant laws. These findings come from a joint investigation between BBC Panorama and the Bureau of Investigative Journalism. Roman Abramovich was once one of the most prominent Russian oligarchs in the UK.

He purchased Chelsea Football Club in 2003 and played a significant role in the club's success. However, following Russia's invasion of Ukraine in 2022, he was sanctioned by the UK government and compelled to sell the club. Abramovich is now believed to be residing in Turkey, a location chosen because it does not apply sanctions.

A substantial portion of his assets remains frozen in Jersey, and a criminal investigation has been ongoing for four years. The investigation by BBC Panorama and its partners exposes new details about Abramovich's business empire and raises concerns about the reliability of some of his professional advisers.