The Cyprus branch of Big Four accountancy giant Deloitte and it’s spin-off are alleged to have falsified corporate paperwork to protect former Chelsea FC owner Roman Abramovich’s assets before the UK government sanctioned him.
According to reports, it is alleged that accounts signed off by the Big Four giant and its spin-off Meritservus in Cyprus meant assets, including superyachts, mansions, artworks, and private jets worth $672m (£508m), vanished from Abramovich’s company accounts.
MeritServus was once Deloitte Cyprus before spinning out as an independent company in 2005 and operating as a corporate services and accounting firm. However, the firm closed after the UK placed it under sanctions for helping Russian oligarchs hide wealth and evade restrictions.
Deloitte Cyprus, under Deloitte Middle East, began working for Abramovich in 1999 after his wealth ballooned following his acquisition of the Russian oil giant Sibneft.
Even after MeritServus split from Deloitte Cyprus, the allegations claim the firms continued to work closely together, as MeritServus handled the administration of Abramovich’s offshore empire and Deloitte Cyprus acted as the accountants, tax advisers, and “independent auditors” who signed off on the paperwork.
