Cyprus police investigate Roman Abramovich’s tax affairs

Cyprus police have opened an investigation into the financial and tax affairs of former Chelsea FC owner Roman Abramovich, focusing on events between 2003 and 2006, the Guardian reported on 22 October.

Andreas Anastasiades, assistant director of the police’s crime combating department, told a parliamentary committee that investigators had begun gathering evidence. The inquiry follows reporting by the Guardian, the Bureau of Investigative Journalism and the BBC about the management of Abramovich’s businesses.

The allegations and previous responses

The reporting organisations alleged that Abramovich’s aides, including Deloitte Cyprus staff, appeared to have falsified paperwork showing the structure of his offshore businesses. They reported apparent backdating of documents concerning billions of pounds in assets and alleged that these actions appeared to have helped Abramovich-owned businesses avoid tax and disguise assets. These remain allegations from that reporting, not established police findings.

Abramovich has previously denied wrongdoing and said he relied on professional experts’ advice. Deloitte Cyprus previously said it complied with all applicable laws and could no longer access the relevant material because so much time had elapsed.

Police expect the investigation to take six months

Anastasiades estimated that the investigation would take six months, warning that the time elapsed since the events would make the work more difficult. He said police would also consult the relevant authorities to assess the available material.