Cyprus audit authority investigates Deloitte over Abramovich asset claims

The Cyprus Public Audit Oversight Board (Adeelep) has launched an investigation into allegations that Deloitte Cyprus assisted Russian billionaire Roman Abramovich in concealing billions of euros in assets. The probe follows a joint investigative report by BBC Panorama, the Bureau of Investigative Journalism, and the OCCRP, which uncovered leaked emails and corporate documents suggesting the firm backdated records to circumvent tax liabilities and disclosure requirements.

One specific instance highlighted in the investigation involves the Cypriot entity Amiscan Investments, which allegedly held assets worth approximately €578 million, including luxury yachts, aircraft, and property in 2003. Documents purportedly prepared in 2006 were backdated to January 4, 2003, to facilitate these transfers. Deloitte Cyprus has declined to comment on specific allegations, citing the age of the records and stating it operates in compliance with applicable laws.

Adeelep director general Panos Prodromitis confirmed the board is taking all necessary legal actions to address the situation. Questions regarding potential conflicts of interest have surfaced, as Prodromitis was employed by Deloitte Cyprus between 2003 and 2009. However, he clarified that his roles during that period were limited and asserted that any conflict will be mitigated. The board continues to evaluate the findings as part of its regulatory mandate.