The Cyprus branch of Big Four giant Deloitte and its 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 a joint investigation by the Bureau of Investigative Journalism (TBIJ) and BBC Panorama, 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.
Backdated records and fake timestamps
At the heart of the allegations, senior staff routinely “backdated” more than 1,000 corporate records, contracts, payment orders, and correspondence across over 100 companies between 1999 and 2013, with some documents even given fake timestamps dating back as far as five years.
Meritservus Group chairman and managing partner Demetris Ioannides was alleged to have been the “gatekeeper to Abramovich’s fortune”. He was even said to have served as a trustee and director for dozens of Abramovich’s shell companies and trusts.
As a result, the accountancy firm is alleged to have enabled Abramovich to keep his wealth hidden and avoid paying tens of millions of dollars in tax. A senior barrister, Andrew Mitchel KC, called it “straightforward and blatant” tax evasion.
The two-decade operation finally ended when Abramovich was heavily sanctioned by the UK and the EU in 2022 following the Russian invasion of Ukraine. The UK government subsequently placed Meritservus’s Ioannides under sanctions in 2023.
In response to a City AM request for comment, the Big Four firm did noted that because the correspondence in question is from more than 20 years ago, and is no longer accessible, it is unable to comment on whether what was shared is complete or accurate, but added that Deloitte Cyprus acts in compliance with applicable laws.
When TBIJ and the BBC approached Abramovich for comment, through his lawyers, he denied any knowledge of or involvement in “unlawful backdating,” concealing assets, or evading tax, and said he relied on professional advisers, including Deloitte.
The Office of Financial Sanctions Implementation (OFSI) was contacted for comment.
Abramovich’s battle over Chelsea funds
Premier League club Chelsea FC was sold in May 2022 to American investor Todd Boehly and Clearlake Capital for approximately £4.25bn. Because Abramovich is sanctioned, the £2.5bn proceeds from the sale are currently frozen in a UK Barclays bank account.
However, as of late 2026, a legal and political standoff over the funds continues, as the then Prime Minister, Sir Keir Starmer, insisted the money must be strictly ring-fenced for humanitarian aid in Ukraine and threatened confiscation proceedings if it is not transferred. But Abramovich responded to Starmer’s threats by filing an application to set up a new foundation, the Foundation for Victims of Conflict.
Abramovich is also challenging a criminal investigation by Jersey authorities that led to £5.3bn of his assets being frozen, taking the case to the European Court of Human Rights over allegations that the investigation is “unfair and abusive” and violates his rights.