Deloitte’s Cyprus connection: How leaked files expose an alleged $10 billion Abramovich cover-up

The world of offshore finance has once again come under scrutiny after leaked corporate records reportedly exposed how Deloitte’s Cyprus operation and its former affiliate, MeritServus, helped Russian billionaire Roman Abramovich restructure financial records to conceal billions of dollars in assets and potentially evade millions in taxes. The findings, uncovered by a joint investigation by The Bureau of Investigative Journalism (TBIJ) and BBC Panorama, raise serious questions about the role of major professional services firms in maintaining the financial secrecy of powerful oligarchs.

The investigation, based on hundreds of thousands of leaked files, alleges that financial advisers repeatedly backdated documents, altered corporate accounts and manufactured supporting paperwork to reshape the financial history of companies linked to Abramovich. Between 1999 and 2013, more than 1,000 documents were reportedly manipulated or retrospectively approved, creating an offshore paper trail that investigators say helped shield substantial wealth from scrutiny.

Andrew Mitchell KC, a barrister specialising in financial crime who reviewed the findings, described the alleged conduct as blatant tax evasion. He warned that the evidence illustrated how professionals entrusted with upholding legal and accounting standards could instead help clients circumvent them.