Story perspectives

Deloitte Approves 2006 Accounts Wiping $672 Million Abramovich Assets

By Drooid · Oct 12, 2026, 6:44 PM UTC · How we work

Summary

Story summary

Deloitte signed off 2006 accounts that erased $672 million of Roman Abramovich’s assets.
The accounts recorded only $75,000 of assets after the removals.
Backdated paperwork moved the assets to a British Virgin Islands parent, making the transfer appear in 2003.
Lord Prem Sikka called the conduct a statutory-duty breach and “pretty scandalous”.

History

Historical Context

Enron, created in 1985, used off-balance-sheet entities to hide debt, leading to a Chapter 11 filing on December 2 2001 with $63.4 billion in assets and shareholders losing about $11 billion, the largest U.S. bankruptcy then. The scandal collapsed auditor Arthur Andersen and spurred Congress to pass the Sarbanes-Oxley Act on July 30 2002, tightening audit independence and corporate disclosure.

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Story summary

Deloitte signed off 2006 accounts that erased $672 million of Roman Abramovich’s assets.
The accounts recorded only $75,000 of assets after the removals.
Backdated paperwork moved the assets to a British Virgin Islands parent, making the transfer appear in 2003.
Lord Prem Sikka called the conduct a statutory-duty breach and “pretty scandalous”.

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