Capital Economy, Business and Finance
Roman Abramovich, the Russian billionaire, dodged millions in taxes through an elaborate superyacht hiring scheme, according to a joint investigation by the BBC, the Bureau of Investigative Journalism and others.
Leaked files reveal the former Chelsea FC owner allegedly used a network of offshore companies to evade paying VAT on the purchase and maintenance of five luxury vessels worth roughly $1.2 billion.
They include the 162-metre Eclipse, a private yacht that costs up to $2 million to refuel and was at one point the world’s largest. Abramovich was pictured aboard while it was supposedly being leased over Christmas in 2011.
The oligarch’s lawyers say he’s always acted in accordance with professional tax advice but the Guardian reported today he may owe up to £1 billion in tax.
Abramovich is currently sanctioned because of his ties to Putin, and splits his time between Istanbul, Tel Aviv and Sochi.
