Newsroom
Former directors of a company tied to Russian billionaire Roman Abramovich’s superyachts are set to face trial in Cyprus over a €25 million VAT tax evasion case.
Blue Ocean Management Limited, which managed Abramovich’s luxury yachts, reportedly created a sham leasing scheme between 2005 and 2010 to dodge EU taxes on fuel, crew, and port fees. The scheme involved “leasing” yachts to companies that were actually controlled by Abramovich’s offshore trust, authorities say.
The firm dissolved last year after a decade-long legal fight over an initial €14 million tax bill. Cyprus’ tax authorities successfully reinstated Blue Ocean this summer, allowing criminal charges to move forward. The trial is scheduled for Oct. 9 in Limassol District Court.
Tax Commissioner Sotiris Markides said the case involves “criminal offences based on VAT law,” but did not identify the directors involved. Abramovich’s lawyers have denied any personal involvement in the alleged scheme.
Abramovich, once better known in Europe for his ownership of English Premier League club Chelsea FC, frequently spent his yachts in EU waters during the 2000s, where taxes on fuel, crew, and port fees applied. Authorities say the alleged leasing scheme was designed to evade these obligations, highlighting the complex offshore structures used by the billionaire.
With information from Organized Crime and Corruption Reporting Project.
