Cyprus police open investigation into financial affairs of Roman Abramovich
Cypriot authorities have launched an investigation into Roman Abramovich's financial affairs following reports that Deloitte helped hide his wealth. The investigation aims to determine if criminal acts, such as tax evasion or money laundering, occurred.
Why it matters
This case underscores the scrutiny of offshore financial networks and the role of major accounting firms in facilitating the movement of assets for sanctioned individuals.
Image source, Getty Images Image caption, Russian billionaire Roman Abramovich - his lawyers have said he denies concealing his fortune
Police in Cyprus have opened an investigation into the financial affairs of Roman Abramovich, following revelations by BBC Panorama that accountancy firm Deloitte helped in falsifying documents to hide his wealth and evade tax.
Serious questions about the integrity of some of Abramovich's professional advisers were raised earlier this month in a joint report from the BBC and the Bureau of Investigative Journalism (TBIJ).
A Cypriot Ministry of Justice official told MPs this week that the report's findings would be looked at as part of a new investigation by the police's Financial Intelligence Unit.
Lawyers for Abramovich have said that he denies evading tax or concealing his fortune. Deloitte Cyprus said it acts "in compliance with applicable laws".
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