Cyprus Police Open Investigation Into Roman Abramovich's Finances

Police in Cyprus have opened an investigation into the financial affairs of Roman Abramovich. The move was announced at a meeting in Nicosia of a parliamentary committee, a group of members of parliament (MPs) that was discussing how to combat and prevent money laundering, the practice of disguising the origins of illegal money.

The investigation follows a joint report by the BBC and the Bureau of Investigative Journalism. The report found that accounts signed off by Deloitte in Cyprus in 2006 caused $672m (£508m) in assets, including superyachts, mansions and private jets, to vanish from Abramovich's company accounts. Deloitte is an accountancy firm, a business that audits and prepares financial accounts for clients.

According to the Bureau's reporting, Deloitte helped falsify documents to hide Abramovich's wealth and evade tax, meaning avoid paying tax owed. The Bureau said the falsification spanned a decade and that Deloitte Cyprus's spin-off, Meritservus, was involved alongside Deloitte Cyprus.

A police representative, Andreas Anastasiades, told MPs that the force's Financial Crime Unit had already begun gathering evidence. He said the investigation is expected to last several months. Asked whether the probe would look at Deloitte's work, he said investigators would examine any company or person who may be involved.

A Ministry of Justice official also told MPs that the BBC report's findings would be looked at as part of a new investigation by the police's Financial Intelligence Unit.

Lawyers for Abramovich say he denies evading tax or concealing his fortune.

An earlier BBC report covered a tax scheme for Abramovich's yachts. Following that report, two former company directors have been indicted, meaning formally charged, and are due to stand trial in Cyprus next month. They face charges over €25m in unpaid value added tax (VAT), a tax on goods and services.