Roman Abramovich’s Wealth Allegedly Concealed to Evade Tax

What changed

A joint investigation published on 12 October says documents and company accounts were falsified to conceal Roman Abramovich’s wealth and evade tax.

Records covering offshore companies administered from Cyprus between 1995 and 2022 allegedly made $672m in assets, including superyachts, mansions and private jets, disappear from company accounts. Deloitte appears to have advised on a related tax scheme.

Why it matters

The allegations put professional advisers, not only Abramovich, at the centre of the story. Deloitte owned the Cyprus corporate-services firm MeritServus until 2005; the two companies then continued working closely while Abramovich’s associates managed his fortune through offshore structures.

Abramovich’s lawyers deny that he evaded tax or concealed his wealth. They say there is no evidence he knew about, authorised or directed any falsified document, and that relying on professional advice was legitimate. Deloitte Cyprus says it acts within applicable law.

That leaves the most important question unresolved: whether the alleged conduct can be tied to Abramovich personally, and whether advisers face liability. Meanwhile, £5.4bn of his assets remain frozen in Jersey, where a criminal investigation has lasted four years.