The lesson from the latest Abramovich case: Creativity is allowed, changing the facts is not

Team: Randu Riiberg

International tax transparency has increased significantly over the past 20 years, and the line between aggressive tax planning and tax evasion has become increasingly blurred.

The BBC’s recent investigation has shown that when documents from 20 years ago come to light, they are assessed against today’s standards.

Randu Riiberg, Attorney at Law and Head of Transactions and Restructuring at Glimstedt Estonia, writes about the broader lessons businesses can learn from this high-profile case.

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According to a BBC Panorama and Bureau of Investigative Journalism investigation based on the Cyprus Confidential leak, documents relating to Roman Abramovich’s Cyprus-based companies were backdated in 2005–2006 to remove assets from public financial statements and avoid taxes. The documents were prepared by MeritServus, which provided corporate services to the companies. According to the BBC, Deloitte’s Cyprus office advised on one of the arrangements and signed off on the financial statements.

Abramovich’s representatives deny any tax evasion or concealment of assets, stating that the companies lawfully relied on professional advice. They also maintain that there is no evidence Abramovich was aware of the arrangements. Deloitte Cyprus states that it acted in accordance with the law but cannot comment on documents dating back more than 20 years.

The BBC describes two cases. When Cyprus introduced public financial reporting requirements in 2006, Amiscan Investments transferred properties, yachts and aircraft worth $672 million to its parent company in the British Virgin Islands, with the transaction backdated by three years. Deloitte signed off on Amiscan’s financial statements, which showed just $75,000 in remaining assets.

In the second case, involving Kravin Investments, documents were prepared retrospectively to indicate that nearly $2 billion had been held on behalf of its parent company. Under this arrangement, the interest income allegedly did not give rise to a tax liability in Cyprus.

Continue reading (in Estonian) at finantsuudised.ee

October 22, 2026