BBC Panorama finds Deloitte helped falsify documents

BBC Panorama has found the world's biggest accountancy firm helped falsify documents to hide Roman Abramovich's wealth and evade tax.

Assets vanished from company accounts

Accounts signed off by Deloitte in Cyprus meant $672m in superyachts, mansions and private jets vanished from Abramovich's company accounts.

Deloitte advised tax evasion scheme

Deloitte also appears to have advised on a scheme to evade a huge tax bill through falsification of documents.

Barrister calls it blatant tax evasion

Barrister Andrew Mitchell KC said the scheme was 'straightforward' tax evasion and 'it couldn't be more blatant'.

“it couldn't be more blatant”

Abramovich denies tax evasion

Roman Abramovich's lawyers said he denies evading tax or concealing his fortune and that Panorama provided no evidence he knew about or directed the falsification.

Deloitte Cyprus claims compliance

Deloitte Cyprus said it 'acts in compliance with applicable laws' regarding the tax evasion scheme.

“acts in compliance with applicable laws”

Abramovich's assets frozen in Jersey

£5.4bn of Abramovich's assets remain frozen in Jersey after Russia's invasion of Ukraine and a four-year criminal investigation.

Leaked documents reveal offshore scheme

Leaked documents include thousands of files about Abramovich's finances and offshore companies administered from Cyprus between 1995 and 2022.

MeritServus managed offshore companies

MeritServus, a corporate services firm in Limassol, Cyprus, managed Abramovich's offshore companies until 2005 when Deloitte owned it.

Backdated documents hid assets

Deloitte backdated documents to make it look like $672m in assets were transferred to a British Virgin Islands company in 2003.

Assets disappeared from accounts

When Deloitte signed off the 2003 accounts in 2006, the homes, planes and yachts vanished from company accounts leaving only $75,000.

Tax evasion scheme for Kravin Investments

Kravin Investments had almost $2bn in the bank in 2003 but backdated documents made it look like it held no income to avoid tax.

Electus Investments scheme

Electus Investments in Cyprus was backdated to show it held $10bn in assets from 2003, making it appear to have only $145,000.

Experts call it a professional scandal

Lord Sikka called the backdating of documents a 'violation of a statutory duty' and 'pretty scandalous' for misrepresenting transaction dates.

“pretty scandalous”

Abramovich's lawyers defend advice

Abramovich's lawyers said he was 'not involved in the day-to-day operation' and that reliance on professional advice was 'entirely proper and legitimate'.

“entirely proper and legitimate”