Leaked records suggest Abramovich aides and Deloitte Cyprus backdated papers to hide assets

Mixed · 2The Guardian and BBC Panorama, working with the Bureau of Investigative Journalism, published analyses of leaked corporate records on 12 October 2026. They suggest that aides of Roman Abramovich, including staff at Deloitte Cyprus, falsified or backdated paperwork to disguise his offshore assets and avoid tax. 1 2 Mixed · 2The material comes from the Cyprus Confidential leak, run by the International Consortium of Investigative Journalists. The Guardian describes it as more than 500,000 documents, and the BBC says it covers a network of offshore companies administered from Cyprus. 1 2 Mixed · 2Much of the paperwork was handled by MeritServus, a Limassol firm run by Demetris Ioannides, a former chair of Deloitte Cyprus. The BBC says Deloitte owned MeritServus until 2005, after which the two firms worked closely together. The UK sanctioned MeritServus and Ioannides in 2023. 1 2

Mixed · 2On the Amiscan Investments case, the BBC reports that the company's draft 2003 accounts listed $672m of assets, including a West Sussex mansion, a London flat, a French estate, helicopters, jets and yachts. After Cyprus introduced a transparency law, associates and MeritServus drew up a plan to move the assets to Amiscan's British Virgin Islands parent and backdated the transfer by three years to 2003. Deloitte Cyprus reviewed the backdated documents and called them "adequate", then signed off the 2003 accounts in 2006, leaving only $75,000 of assets. 2 1 Mixed · 2On Kravin Investments, both outlets say the company held about $2bn from the Sibneft sale and that interest on it should have been taxable in Cyprus. An August 2005 email said it would be "necessary to change the financial statements and the accounting records accordingly for 2003 and 2004", and a September 2005 Deloitte email said "certain changes will have to be made to the accounts". Backdated documents then made it look as if Kravin held the money only as a trustee or on behalf of a British Virgin Islands company, removing the tax liability. 1 2 Left · 1The Guardian adds an earlier episode from 2000. It says Deloitte Cyprus devised a seemingly bogus arrangement using backdated consultancy agreements to let Abramovich extract almost $100m via an intermediary, PB Mediapower Enterprises, and that the leak contains 50 promissory notes with his signature. It also says Tenenbaum, Abramovich's closest aide, appears to have been involved in the backdating and may have given false evidence to the UK High Court. 1

Centre · 1The BBC adds a third set of records. It says MeritServus backdated documents to suggest a BVI company of the same name, Electus Investments, had owned a fortune of more than $10bn since 20 November 2003. That left the Cypriot Electus showing assets of just $145,000 in its public accounts. 2 Mixed · 2Barrister Andrew Mitchell KC, quoted by both outlets, called the Kravin scheme "straightforward" tax evasion. The BBC also quotes Lord Sikka, a professor of accounting, who said signing off the Amiscan accounts was a "violation of a statutory duty". It quotes Cypriot MP Christos Christofides, who said that if tax was evaded, "we have to see how we can get our money back". 1 2 Mixed · 2Abramovich's lawyers deny that he evaded tax or concealed his fortune. They say no evidence shows he knew of, authorised or directed any falsification, and that it was proper to rely on professional advisers. Tenenbaum also denies wrongdoing and says he relied on Deloitte Cyprus. Deloitte Cyprus says it "acts in compliance with applicable laws". The Guardian reports it said it could no longer access the relevant material because of the time that has passed. 2 1

Mixed · 2Abramovich is sanctioned by the UK and EU over Russia's war on Ukraine. The BBC reports that he is said to be living in Turkey and that £5.4bn of his assets are frozen in Jersey, where a criminal investigation has run for four years. His lawyers say he denies the Jersey allegations and that the investigation was "undertaken for political purposes". 2 1