What the Leak Says About Abramovich, $672 Million and Missing Assets
Documents were falsified to hide Roman Abramovich's wealth and avoid tax, according to a joint investigation by BBC Panorama and the Bureau of Investigative Journalism published on 12 October 2026.
The investigation found that accounts approved by Deloitte in Cyprus made $672 million (£508 million) in assets vanish from his companies' books, like removing items from an inventory while still keeping them. The assets included superyachts, mansions and private jets. Deloitte also appears to have advised on a tax evasion plan built around false documents, the investigation found. BBC
Deloitte Cyprus said it acts in line with the law. Lawyers for Abramovich, the Russian-Israeli billionaire, said he denies evading tax or hiding his wealth. They said Panorama provided no evidence he knew about, approved or directed any falsification.
The trail runs through Cyprus. His network of offshore companies, firms based abroad often used to hold wealth, was run from Limassol by a firm called MeritServus. Deloitte owned MeritServus until 2005. The evidence comes from a leak of thousands of documents about his finances and Cyprus-run companies between 1995 and 2022. The BBC and media partners have reported on the files since 2023 as part of the Cyprus Confidential investigation by the International Consortium of Investigative Journalists.
The Panorama film, reported by Richard Bilton and titled 'Roman Abramovich: How He Hid His Fortune', alleges his aides systematically changed paperwork. Records cited by The Guardian also state that aides falsified paperwork to disguise assets and avoid tax. The Guardian
Abramovich bought Chelsea Football Club in 2003. After Russia's full-scale invasion of Ukraine in 2022, the UK government sanctioned him as an associate of President Vladimir Putin. Sanctions are official penalties that freeze assets and block business, and he was forced to sell Chelsea. Separately, £5.4 billion of his assets remain frozen in Jersey during a criminal investigation now in its fourth year.
The new claims build on two earlier lines of reporting. His advisers helped him avoid large tax bills for running his yachts in EU waters, earlier investigations found. That involved listing yachts as commercial vessels under what investigators describe as a sham cruise or fake hire scheme. The scheme allegedly avoided VAT, a tax on goods and services, worth tens of millions of euros. The Bureau of Investigative Journalism
The second line concerns the UK. Abramovich could owe the UK up to £1bn in unpaid tax, according to evidence seen by the BBC. The possible bill came from a failed plan to avoid tax on hedge fund investments. Leaked documents suggest the billions were managed from the UK, which would weaken the offshore tax plan. The documents suggest his companies did not pay tax on large profits from $6 billion in offshore investments. UK MPs called for an inquiry into the possible avoidance. BBC The BBC has also said it received documents smuggled out of Russia that allegedly describe corrupt deals behind his fortune.
The broader context here is enforcement, not only ownership. Sanctions froze assets and forced a sale. Tax inquiries test whether offshore structures meet rules on where decisions are made and where real business happens. For lawyers and accountants, attention will stay on the role attributed to professional helpers in Cyprus and on how Jersey prosecutors and UK tax officials use leaked company records.
Looking at what comes next, much depends on documents and knowledge. The denials draw a line around approval and awareness. Investigators will test that claim against signatures, advice notes and assets moving on and off the balance sheets. He denies wrongdoing. The files will now do the talking.
