An investigation by the Organized Crime and Corruption Reporting Project (OCCRP) alleges that Deloitte Cyprus approved backdated corporate documents that facilitated the transfer of billions of dollars in assets linked to Russian billionaire Roman Abramovich from Cyprus to the British Virgin Islands.
The investigation, based on millions of leaked documents and emails, claims the arrangements were designed to move assets into offshore structures subject to fewer disclosure requirements.
According to the report, Deloitte Cyprus, working alongside MeritServus, then a Deloitte-affiliated corporate services provider, and executives from Millhouse, Abramovich's asset management company, was involved in plans to transfer bank deposits, luxury yachts, aircraft and real estate holdings to companies registered in the British Virgin Islands.
Alleged backdated transfers
In one case cited by the investigation, a Cyprus company linked to Abramovich received nearly $2 billion from the sale of shares in Russian oil company Sibneft in 2003.
According to the leaked records, discussions took place in 2005 regarding documentation that would present those funds as assets already held by a British Virgin Islands entity.
Financial statements obtained by journalists reportedly showed that the Cyprus company held $870 million on behalf of its parent company in 2004.
The investigation also alleges that documents certified by Deloitte Cyprus showed another Abramovich-linked company transferring assets worth almost $700 million to its parent company in 2003, although the assets allegedly remained with the Cyprus entity until 2006.
In the case of Amiscan Investments Limited, audited financial statements reportedly showed no assets, despite earlier records listing yachts, aircraft and property worth hundreds of millions of dollars.
Electus structure
Another company highlighted in the investigation is Electus Investments Limited, a Cyprus entity that reportedly sat at the top of a wider corporate structure linked to Abramovich.
According to OCCRP, assets were allegedly transferred retrospectively to a British Virgin Islands company bearing the same name.
Financial statements for 2003, certified by Deloitte and filed with the Cyprus companies registry about 14 years later, reportedly did not include assets worth billions of dollars.
Responses from those involved
Lawyers representing Abramovich told OCCRP there is no evidence that their client participated in, approved or was aware of plans to draft or backdate documents.
They also rejected suggestions that he sought to evade taxes or conceal assets unlawfully.
Deloitte Cyprus said it operates in accordance with applicable legislation but declined further comment, stating that it no longer has access to correspondence dating back almost 20 years.
Former Deloitte Cyprus chairman and MeritServus head Dimitris Ioannides was placed under UK sanctions in 2023. The British government alleged that he created opaque offshore structures which, according to authorities, were used by Abramovich to conceal assets worth nearly $1 billion. Through his lawyers, Ioannides declined to comment.
Expert views
Alex Cobham, chief executive of the Tax Justice Network, said that intentionally creating false documents to mislead tax authorities could amount to tax evasion.
Lawyer Andrew Mitchell, after reviewing a summary of the material, reportedly described the actions outlined in the investigation as an attempt to shield assets from lawful taxation.
Part of Cyprus Confidential
The investigation forms part of the international Cyprus Confidential project, which is based on more than 3.6 million leaked documents from six Cyprus-based corporate service providers.
OCCRP noted that the findings are based on leaked records and do not in themselves constitute judicial findings of wrongdoing or guilt.
