How Abramovich’s Advisors Used Deloitte to Hide Billionaire Wealth

The investigative partnership behind the story

In early 2024 a joint investigation by BBC Panorama and the Bureau of Investigative Journalism traced a network of companies, trusts and foundations that shielded the assets of Russian billionaire Roman Abramovich. The reporters followed money trails that spanned more than two decades, uncovering how professional advisers turned legal expertise into a tool for concealment.

Deloitte’s role in structuring offshore networks

Advisory services beyond tax compliance

Deloitte, one of the world’s largest professional services firms, provided a suite of advisory services that went well beyond ordinary tax filing. According to the investigation, the firm helped Abramovich design a layered structure that placed assets in jurisdictions with strict privacy laws. The advisers selected locations, drafted incorporation documents and coordinated the registration of entities in the British Virgin Islands, the Cayman Islands and other offshore centres.

Creation of trusts and shell companies

The firm also assisted in establishing discretionary trusts that gave Abramovich control without direct ownership. These trusts were linked to shell companies that held shares in high‑value assets such as football clubs, real estate and private equity stakes. By keeping the ultimate beneficiary hidden, the structure made it difficult for sanctions authorities to link the assets to the billionaire.

How the offshore system operated

The investigation identified a repeatable pattern that can be summarised in three steps:

1. Identify a jurisdiction with strong secrecy rules and minimal reporting requirements.
2. Set up a shell company or trust that is owned by a nominee director or trustee.
3. Transfer ownership of the target asset to the shell entity, while retaining control through voting rights or management agreements.

Each layer added a degree of opacity, making it harder for investigators to trace the flow of funds. The use of professional advisers ensured that every document complied with local law, thereby limiting the risk of legal challenges.

Legal loopholes and sanction evasion

Use of UK and offshore jurisdictions

Although many of the entities were registered offshore, several were incorporated in the United Kingdom, a jurisdiction that still allows the use of nominee shareholders. The investigation showed that Deloitte helped Abramovich navigate the UK Companies Act to create entities that appeared to have legitimate business purposes while actually serving as holding vehicles for hidden wealth.

Exploiting gaps in anti money laundering rules

At the time of the investigation, the United Kingdom’s anti money laundering framework contained gaps that permitted the registration of companies without a thorough verification of the ultimate beneficial owner. By filing the required paperwork through Deloitte’s compliance teams, Abramovich’s advisers were able to meet the formal requirements while keeping the real owner concealed.

International response and ongoing investigations

The revelations prompted a swift response from governments and regulators. The United Kingdom added Abramovich to its UK sanctions list, freezing assets that could be directly linked to him. However, the complex web of offshore holdings meant that many of his investments remained out of reach.

Financial journalists at the Financial Times have continued to follow the story, highlighting how other Russian oligarchs employ similar tactics. The ongoing scrutiny has led to calls for tighter reporting standards on beneficial ownership and greater transparency from professional service firms.

While Deloitte has denied any wrongdoing, the investigation underscores the fine line between legitimate tax planning and the facilitation of illicit concealment. The case also raises broader questions about the responsibility of large advisory firms when their clients are subject to international sanctions.

As authorities worldwide tighten sanctions regimes, the Abramovich case may serve as a benchmark for future enforcement actions. It demonstrates how sophisticated financial engineering, when combined with expert legal advice, can create a shield that is difficult for even the most determined investigators to penetrate.