Story perspectives

Deloitte Cyprus Used Backdated Papers to Evade Taxes

By Drooid · Oct 12, 2026, 8:05 PM UTC · How we work

Summary

Story summary

Deloitte Cyprus prepared falsified documents back-dating 2003 transfers, removing yachts, mansions and jets from Amiscan.
Deloitte signed the 2006 accounts, leaving only $75,000 of assets on the books.
The back-dated paperwork made Kravin Investments’ $2 billion deposits appear held by a BVI parent, avoiding tax.
Barrister Andrew Mitchell KC described the scheme as “straightforward” tax evasion.
Abramovich’s lawyers say he neither knew about nor directed the falsifications.

History

Historical Context

Enron’s collapse after its December 2 2001 Chapter 11 filing—then the largest U.S. bankruptcy with $63.4 billion in assets and $11 billion shareholder losses—triggered the dissolution of auditor Arthur Andersen and the 2002 Sarbanes-Oxley reforms. A similar pattern resurfaced in 2003 when Deloitte Cyprus falsified transfer records for Kravin Investments, concealing about $2 billion in assets, prompting tighter EU anti-avoidance oversight.

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Story summary

Deloitte Cyprus prepared falsified documents back-dating 2003 transfers, removing yachts, mansions and jets from Amiscan.
Deloitte signed the 2006 accounts, leaving only $75,000 of assets on the books.
The back-dated paperwork made Kravin Investments’ $2 billion deposits appear held by a BVI parent, avoiding tax.
Barrister Andrew Mitchell KC described the scheme as “straightforward” tax evasion.
Abramovich’s lawyers say he neither knew about nor directed the falsifications.

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