Cyprus police are investigating the financial affairs of Roman Abramovich following reports about hidden wealth and tax evasion.
Cypriot authorities have launched an official investigation into the financial dealings of Russian billionaire Roman Abramovich. This move follows recent reports about his wealth and tax practices.
Also, a joint investigation by the BBC and the Bureau of Investigative Journalism triggered this action. They uncovered details about how the billionaire managed his vast fortune.
Next, a Ministry of Justice official confirmed the news to lawmakers in Nicosia. The police Financial Intelligence Unit will lead the probe into these complex financial matters.
Meanwhile, the inquiry focuses on allegations that documents were falsified to hide assets. Reports suggest that items like superyachts and private jets were moved to avoid taxes.
Furthermore, the investigation will examine the role of the accounting firm Deloitte. Records show the firm previously advised on various financial schemes for the billionaire's companies.
As a result, officials plan to review whether any criminal acts occurred. They will look at whether people or companies manipulated documents to break the law.
Still, lawyers for Mr. Abramovich strongly deny these claims. They state that the billionaire never authorized or directed any falsification of documents.
Then, the legal team noted that their client relied on professional advice. They argue he always followed the guidance of independent tax and legal experts.
However, Deloitte Cyprus states they cannot comment on the matter. They claim the documents in question are over two decades old and are not accessible.
Finally, police representative Andreas Anastasiades confirmed they have begun gathering evidence. He expects the investigation to continue for several months.
This case follows previous reports about unpaid tax on yacht costs. Two former directors currently face trial in Cyprus for related tax issues.