Investigation alleges Deloitte Cyprus used backdated papers to remove Abramovich assets from accounts
An international investigation alleges Deloitte Cyprus created or approved backdated documents that removed billions in Roman Abramovich’s assets from Cypriot company accounts.
Nicosia, Cyprus. An international investigation published on Monday alleges that Deloitte Cyprus created backdated documents that removed assets belonging to Roman Abramovich, valued in the billions, from the accounts of Cypriot companies.
Findings drawn from leaked records
The inquiry, conducted jointly by BBC Panorama, the Bureau of Investigative Journalism and the Organised Crime and Corruption Reporting Project (OCCR), examined thousands of leaked corporate records and emails.
According to the investigation, advisers prepared or approved documents portraying asset transfers as transactions completed earlier, with the aim of limiting tax obligations and disclosure requirements.
Amiscan holdings removed from accounts
The investigation reported that draft accounts for 2003 for Amiscan Investments, a Cypriot company that has been dissolved since 2011, recorded approximately €578 million in luxury assets. These included €304 million in yachts, €122 million in aircraft and €109 million in property located in France and Britain.
According to the inquiry, an agreement prepared in 2006 carried the date January 4, 2003, and recorded the transfer of 19 subsidiaries to Kelvedon Worldwide. That company was based in the British Virgin Islands, and its current status is unclear.
The investigation said Deloitte Cyprus reviewed the documents and considered them sufficient grounds to exclude the holdings from Amiscan’s accounts. By the time those accounts received approval in December 2006, only about €65,000 in assets remained.
It also cited an email from January 2007 in which a Deloitte Cyprus executive said Amiscan’s principal concern was to minimise disclosure about its subsidiaries.
Electus assets transferred offshore
In another case, the inquiry said Electus Investments, a Cypriot company linked to assets exceeding €8.6 billion, was maintained as an active company to hold ownership of Millhouse UK.
The investigation reported that assets were transferred in 2006 to another Electus Investments in the British Virgin Islands, where disclosure requirements were less stringent.
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