Ex-Chelsea Owner Roman Abramovich Accused of Using Deloitte to Hide $672m in Assets

Former Chelsea Football Club owner Roman Abramovich has been accused of using financial arrangements involving Deloitte’s Cyprus office and corporate services firm MeritServus to conceal luxury assets and reduce tax liabilities, according to a joint investigation by BBC Panorama and the Bureau of Investigative Journalism.

The investigation, published on October 12, 2026, examined thousands of leaked documents relating to companies associated with the Russian billionaire between 1995 and 2022. It alleged that financial records were backdated and altered to make it appear that assets had been transferred to offshore companies years before the documents were actually prepared.

Among the assets identified in the investigation were luxury properties, superyachts, private jets, helicopters and other high-value possessions worth approximately $672 million. The investigation alleged that these assets were removed from the accounts of a Cyprus-based company linked to Abramovich through paperwork that presented earlier transfer dates.

The findings also raised questions about the role of professional advisers involved in managing and auditing companies associated with the former Chelsea owner.

However, Abramovich has denied evading taxes or concealing his wealth unlawfully. His lawyers said there was no evidence that he knew about, authorised or directed the alleged falsification of documents. Deloitte Cyprus, meanwhile, said it acts in compliance with applicable laws.

Investigation Identifies Alleged Backdated Financial Records

According to the investigation, Deloitte Cyprus and MeritServus were involved in managing financial and corporate arrangements for companies connected to Abramovich.

MeritServus had previously operated as part of Deloitte Cyprus before becoming an independent business in 2005. The investigation alleged that the two firms continued to work closely on matters involving companies linked to the Russian billionaire after the separation.

Reporters examined more than 1,000 corporate records, including contracts, payment orders and correspondence, which they said had been backdated between 1999 and 2013.

Backdating involves assigning a document an earlier date than the date on which it was actually created or executed. Although retrospective documentation can have legitimate uses in certain circumstances, the investigation alleged that the records in question were used to create a misleading account of when particular transactions occurred.

The documents reportedly covered more than 100 companies and formed part of a wider network used to manage Abramovich’s international business interests.

The Bureau of Investigative Journalism reported that the broader arrangements involved billions of dollars in assets. Its investigation alleged that Deloitte and MeritServus helped create paperwork that made assets appear to have been transferred between offshore companies before the relevant documents were prepared.

How $672 Million in Assets Allegedly Disappeared From Company Accounts

One example involved Amiscan Investments, a Cyprus-registered company linked to Abramovich.

According to the investigation, draft financial accounts prepared in 2005 listed luxury assets worth hundreds of millions of dollars. These reportedly included properties in the United Kingdom and France, aircraft, helicopters and superyachts.

However, the final accounts later showed that the assets had been transferred to the company’s parent entity in the British Virgin Islands.

The investigation alleged that documents were prepared retrospectively to make it appear that the transfer had taken place in 2003, rather than years later.

Deloitte Cyprus reportedly reviewed the paperwork and approved accounts that excluded the assets from Amiscan’s reported holdings. The company’s published accounts subsequently showed only a small amount of assets remaining.

The investigation argued that the arrangement helped prevent the assets from appearing in disclosures required under Cyprus’s tightening corporate transparency rules.

The allegations have prompted questions about the responsibilities of auditors and other financial professionals when reviewing transactions involving offshore companies.

Alleged Tax Arrangements Involving Nearly $2 Billion

The investigation also examined Kravin Investments, another Cyprus-based company linked to Abramovich.

According to the reports, the company received billions of dollars connected to the sale of Abramovich’s stake in the Russian oil company Sibneft in 2003. Approximately $2 billion reportedly remained in its bank accounts and generated interest income.

The investigation alleged that advisers discussed using backdated agreements and accounting records to make it appear that the money belonged to another offshore company.

Such an arrangement could affect which company was considered responsible for the income and its associated tax liabilities.

The report said correspondence among advisers described plans to amend financial statements and supporting records for earlier accounting periods. Investigators argued that the arrangements were designed to reduce tax liabilities that otherwise could have arisen.

Financial law experts consulted by the investigators criticised the alleged practices. Their assessments, however, represent expert interpretations of the documents and do not by themselves amount to a court judgment establishing criminal liability.

The investigation also raised broader questions about the role of offshore corporate structures in limiting public access to information about the ownership and movement of substantial wealth.

Abramovich and Deloitte Respond to the Allegations

Abramovich’s lawyers denied that their client had evaded taxes, concealed his fortune unlawfully or knowingly participated in the alleged backdating of documents.

They said the investigation had not provided evidence that Abramovich knew about, authorised or directed the alleged falsification. They also maintained that companies associated with him relied on professional advisers, including Deloitte, to manage their affairs in accordance with applicable requirements.

Deloitte Cyprus said it acts in compliance with applicable laws. In a response reported by City AM, Deloitte also indicated that the correspondence in question dated back more than two decades and was no longer accessible, preventing it from commenting on whether the material was complete or accurate.

The responses are significant because the investigation’s allegations concern both the preparation of financial documents and the knowledge or involvement of the individuals associated with the companies.

The available reporting does not establish that Abramovich personally authorised every transaction or document described in the investigation. His lawyers specifically denied that he knew about or approved the alleged improper backdating.

Background: Abramovich’s Chelsea Ownership and Sanctions

Abramovich became widely known in British football after purchasing Chelsea in 2003. Under his ownership, the club won major domestic and European trophies and became one of the most prominent teams in the Premier League.

His position changed following Russia’s full-scale invasion of Ukraine in 2022, when the United Kingdom imposed sanctions on him. He subsequently sold Chelsea under the restrictions imposed by the British government.

The latest investigation focuses on the management of his international wealth and the conduct of professional advisers, rather than Chelsea’s sporting operations.

The allegations also renew scrutiny of the relationship between offshore companies, financial reporting, tax obligations and the responsibilities of major accountancy firms.

The investigation’s findings are based on leaked corporate records and correspondence examined by journalists. The allegations and the responses of those involved should therefore be distinguished from any final legal determination of responsibility.

Source: BBC Panorama, The Bureau of Investigative Journalism and the Organized Crime and Corruption Reporting Project, with related reporting by Sahara Reporters and City AM.