Abramovich Accused of Forging Documents to Evade Taxes in Cyprus
A BBC investigation has alleged that Russian billionaire Roman Abramovich avoided a substantial tax liability by transferring assets worth $672 million held by a company in the Republic of Cyprus using forged documents. Abramovich’s lawyers have denied the allegations.
The Alithia newspaper reported that the BBC investigation found that Abramovich had fraudulently transferred assets held by a company in the Republic of Cyprus and evaded taxes, allegedly with the assistance of a world-renowned accounting firm.
According to the report, after new transparency legislation came into force in the Republic of Cyprus, making asset declarations mandatory, the accounting firm allegedly prepared backdated transfer documents to make Abramovich’s $672 million in assets exempt from taxation.
The newspaper said luxury villas, a yacht, a private jet, a helicopter and other assets held through the Cypriot company were removed from its records, leaving it appearing to have assets worth only $75,000.
Abramovich’s lawyers, however, rejected the allegations in a statement, the newspaper reported.
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