Cyprus police have launched an investigation into the financial and tax affairs of Roman Abramovich, the former owner of Chelsea FC, following a Guardian investigation published with media partners including the Bureau of Investigative Journalism and the BBC.
The inquiry will focus on events between 2003 and 2006, with a senior official in the island's police telling the Cypriot parliament that the investigation is expected to take approximately six months. Andreas Anastasiades, assistant director of the crime combating department, told a parliamentary committee meeting that police had begun gathering evidence following the reporting and would consult relevant authorities to assess available material. He noted, however, that the amount of time elapsed since the events in question would make the investigation more difficult.
The Guardian's investigation found that aides of Abramovich, including staff at the Cypriot outpost of Deloitte, appeared to have falsified paperwork mapping his offshore businesses. According to the reporting, these actions included the apparent backdating of key documents concerning billions of pounds in assets, and appeared designed to help businesses owned by Abramovich dodge tax and disguise assets.
The investigation drew on the Cyprus Confidential leak of more than 500,000 documents, which was first released to the International Consortium of Investigative Journalists and subsequently analysed by the Bureau of Investigative Journalism and the BBC. Abramovich has previously denied any wrongdoing, saying he relied on professional expert advice. Deloitte Cyprus has said it acts in compliance with applicable laws and can no longer access the relevant material because of the time that has passed.
For investors and businesses in Cyprus, this investigation highlights the risks and consequences of financial irregularities and document falsification in offshore business arrangements on the island.