Report Alleges Deloitte Cyprus Helped Abramovich Hide Billions in Wealth
(MENAFN) Deloitte Cyprus allegedly assisted Russian billionaire Roman Abramovich in concealing at least $10 billion in assets and avoiding millions of dollars in taxes through falsified documentation, according to an investigation published Monday.
The investigation, conducted jointly by several media organizations, uncovered more than 1,000 backdated records linked to over 100 companies between 1999 and 2013. The documents allegedly included materials used to support misleading financial statements.
In one instance, backdated paperwork made assets worth more than $10 billion held by Cyprus-based Electus Investments appear to belong to a separate company with the same name registered in the British Virgin Islands, potentially keeping the holdings beyond public disclosure requirements.
The investigation also found that financial statements approved by Deloitte excluded $672 million worth of luxury properties, superyachts and private aircraft associated with Abramovich's company, Amiscan Investments.
Another alleged scheme involved approximately $2 billion held by Kravin Investments. Investigators said backdated documents made the funds appear to belong to a different offshore company, potentially enabling Kravin Investments to avoid millions of dollars in taxes on interest income.
Abramovich's legal representatives rejected allegations that he concealed assets, evaded taxes or knowingly took part in improper backdating. They maintained that he had legitimately relied on professional advisers.
The investigation, conducted jointly by several media organizations, uncovered more than 1,000 backdated records linked to over 100 companies between 1999 and 2013. The documents allegedly included materials used to support misleading financial statements.
In one instance, backdated paperwork made assets worth more than $10 billion held by Cyprus-based Electus Investments appear to belong to a separate company with the same name registered in the British Virgin Islands, potentially keeping the holdings beyond public disclosure requirements.
The investigation also found that financial statements approved by Deloitte excluded $672 million worth of luxury properties, superyachts and private aircraft associated with Abramovich's company, Amiscan Investments.
Another alleged scheme involved approximately $2 billion held by Kravin Investments. Investigators said backdated documents made the funds appear to belong to a different offshore company, potentially enabling Kravin Investments to avoid millions of dollars in taxes on interest income.
Abramovich's legal representatives rejected allegations that he concealed assets, evaded taxes or knowingly took part in improper backdating. They maintained that he had legitimately relied on professional advisers.
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