Cyprus police open investigation into financial affairs of Roman Abramovich

Police in Cyprus have opened an investigation into the financial affairs of Russian billionaire Roman Abramovich, following revelations in a BBC Panorama investigation.

The probe was announced at a parliamentary committee meeting in Nicosia, where a Cypriot Ministry of Justice official told MPs that the findings of a joint report by the BBC and the Bureau of Investigative Journalism (TBIJ) would be examined.

According to the BBC, last week's report — based on leaked files including thousands of documents about Abramovich's finances — detailed how accounts signed off in Cyprus by Deloitte appeared to be linked to a tax evasion scheme. Deloitte, the world's largest accountancy firm, is also said to have advised on the arrangement. The documents form part of the "Cyprus Confidential" investigation, involving the BBC, TBIJ, the Guardian, Paper Trail Media and the Organised Crime and Corruption Reporting Project.

A police representative, Andreas Anastasiades, confirmed to MPs that the force's financial unit would investigate. Asked whether the inquiry would examine Deloitte's work, he said: "We will see if there has been fraud or if some documents have been manipulated."

Lawyers for Abramovich said he denies evading tax or concealing his fortune, and that Panorama had provided no evidence he knew about the alleged scheme. Deloitte Cyprus said it could not comment because the documents were more than 20 years old.

The BBC and TBIJ previously reported on a tax scheme that let Abramovich avoid millions in tax on his yachts' running costs. Following that report, two former company directors have been indicted and are due to stand trial.