A leak-based investigation shows Deloitte Cyprus helped Abramovich-associated entities move billions of dollars out of Cyprus to the British Virgin Islands through backdated paperwork and false asset declarations to cut taxes and increase opacity.

MeritServus reportedly backdated documents to create a false ownership history, reducing apparent asset values in Cypriot accounts.

Kravin Investments (2003–2005) used backdated filings and revised financials to minimize or avoid tax on substantial Cyprus-sourced interest income.

Cypriot lawmakers and officials say they are considering recovering any lost revenue and holding responsible parties accountable if wrongdoing is proven.

The investigation notes broader context: sanctions on Abramovich, the sale of Chelsea FC, and related criminal probes in Jersey tied to his assets.

Andrew Mitchell KC described the scheme as straightforward tax evasion, with potential prosecutions in England, while Cypriot officials say they aim to recover evaded taxes.

Experts and officials characterize the actions as straightforward tax evasion and breaches of statutory duties, calling for accountability in Cyprus or the UK where applicable.

Key figures include Deloitte Cyprus executives Antonis Taliotis and Demetris Ioannides, and Abramovich associates Eugene Tenenbaum, Andre De Cort, Irina Panchenko, and Natalia Khudyk, with Ioannides as a central gatekeeper.

Involvement also spans Meritservus, Millhouse, Kelvedon Worldwide, and Kravin Investments, with Eugene Tenenbaum and Demetris Ioannides central to the schemes.

MeritServus discussed rewriting financial statements with Abramovich associates to show no income from about $2 billion in Kravin balances in 2003–2005, with Deloitte directly referenced in an August 2005 email.

The Kravin/Kelvedon arrangements allegedly removed about $2 billion from Kravin’s balance sheet, with Deloitte Cyprus signing off on manipulated accounts.

BBC reporting cites internal correspondence showing plans after a Deloitte meeting, with emails outlining changes to bank balances and accounting entries; a barrister called the arrangement tax evasion.