> Deloitte Cyprus said it could not comment on the specific allegations because the documents were more than 20 years old and no longer accessible.
That's convenient.
Also, I received a similar response when inquiring about a financial account that had been overlooked (there are reasons, I'm not getting into it) for a couple of decades. "Can't help you. Too old for us to have records." Well, my records are printed documents. Why can't you tell me anything? Reminds me of when the USA government stole my money from a bank transfer claiming suspicion of whatever (my landlord had a Middle Eastern sounding name and it was the 2000s) and then said they had no record of it when I provided all the required documentation to recover it.
In both cases, unfortunately, I concluded that the odds are so stacked against me that I gave up. Convenient system if you're fabulously wealthy or a massive org (such as corporations and government).
Most institutions (especially financial) have strict document retention policies to protect themselves from situations like this. It's not shady – just a way of limiting liability.
At my first job I made the mistake of discovering a cache of old documents, documents that were far older than the company's seven-year document retention policy. The cache, being my discovery, meant I became the one responsible for destroying it. It was dozens on dozes of bankers boxes filled with documents that I de-spine before shredding.
You would have thought that the process was a chore but for me it was exhilarating. The slowness of the process gave me the opportunity to speed read through it all. There was nothing scandalous in there, but I became somewhat of a historian over many quiet nights.
Deloitte has, I've heard (!), in their training material a section about integrity and how important it is to act ethically correct. Deloitte also does sh*t like this and - again, I've heard (!) - asks its employees to bill hours on projects they are not working on so that they can maximize profits at their clients expenses. Also elephants are pink.
How this company can proceed to exist is beyond me.
For legal reasons I must emphasize that this is hear-say and should not be trusted as facts. At least one statement is a lie. What you believe is true is up to you.
I just know this will be thoroughly investigated, all responsible parties held accountable, and the proper countermeasures and applicable laws will be updated to punish and disincentivise this behaviour in the future. Just kidding.
Things change when the cost-benefit analysis moves. If you apply the law strictly and effectively, the behaviour will adjust.
This must be the first time someone important [0] has been involved in shady financial dealings. One of the joys of being in the internet era is we have much better visibility on the vast multinational web moving money around. We know that senior politicians are well aware of it because they use it to.
It would actually be reasonable if this was headline was news to Abramovich. I expect there are a bunch of standard services rendered to wealthy Russians and they just all use the same guy, who is known to get good results and no-one ever asks why. It is quite likely that there are a small group of fixers who maintain networks for certain geopolitical in-groups. They probably have excellent connections to people like Jeffery Epstein too. No surprise if the Russian circuit is actually flouting western law directly.
The Big Four really like back-dating things to help their clients. But lying is difficult because the facts come with built-in consistency. Mother Nature ensures all her arithmetic lines up properly every single time like clockwork, but when you try to make stuff up you have to do all that work and not make any mistakes.
And so it's actually easier to spot this fraud than to conduct it. What you need is people willing to go look and people willing to prosecute it even though that's uncomfortable because these crooks always have powerful friends.
Ultimately the bigger problem is the Big Four themselves. They are obviously Too Big To Fail and three of them are based in a single place, London. I believe that the Paris MOU provides us a model for how to fix this in the medium term but I've seen no political will to even look at the problem, much less address it.
Also real estate prices in London at the top of the market are going down and down now that the money pump of corrupt Russian money has been switched off.
I thought this article was a parody for the first few paragraphs... that's how times have changed, I guess.
I couldn't agree with the guy more, when he says:
>> when workers have more money, businesses have more customers—and need more employees
But that seems to be exactly the sane logic that old Jeff Bezos is spending his life and his billions trying to find a hack around. I'm still not clear who Amazon's customers will be if everyone's unemployed and AI and robots have taken all the middle class jobs... oppressive governments, I guess.
The article brings up Ford Motor Co. in the early 20th century as an argument for why this doesn't have to be the case. There have been other examples of businesses that care for their employees and society at large. The author is saying that that mentality needs to come back into fashion.
... and yet he still looks cleaner than Trump. Selling early access to White House decisions to the highest bidder for (minimum) $100k/month is now responsible for about 40% of Trumps' wealth.
And that's a lower bound, assuming his commercial real estate hasn't dropped further, which is a BIG assumption given that everyone else's has, and ignoring that he's obviously going to be levered up with the interest on his loans at least tripling soon ...
Trump might have been bankrupt if he wasn't elected, especially given that commercial real estate not only has gone down significantly but there doesn't seem to be anything on the horizon that would help it out.
The audience of this site is VCs, founders, wannabe founders, and a few wannabe VCs. They will do anything to get rich. Used to be you'd get rich by making useful software, now you get rich by corruption.
Communist with a capital C - means the post-USSR oligarchs. When the nominal state control collapsed, a few well-connected people managed to walk away with all the state's assets, and those are the post-{USSR|Communist} oligarchs.
That's convenient.
Also, I received a similar response when inquiring about a financial account that had been overlooked (there are reasons, I'm not getting into it) for a couple of decades. "Can't help you. Too old for us to have records." Well, my records are printed documents. Why can't you tell me anything? Reminds me of when the USA government stole my money from a bank transfer claiming suspicion of whatever (my landlord had a Middle Eastern sounding name and it was the 2000s) and then said they had no record of it when I provided all the required documentation to recover it.
In both cases, unfortunately, I concluded that the odds are so stacked against me that I gave up. Convenient system if you're fabulously wealthy or a massive org (such as corporations and government).
At my first job I made the mistake of discovering a cache of old documents, documents that were far older than the company's seven-year document retention policy. The cache, being my discovery, meant I became the one responsible for destroying it. It was dozens on dozes of bankers boxes filled with documents that I de-spine before shredding.
You would have thought that the process was a chore but for me it was exhilarating. The slowness of the process gave me the opportunity to speed read through it all. There was nothing scandalous in there, but I became somewhat of a historian over many quiet nights.
It's not euphemistic – just diplomatic phrasing.
How this company can proceed to exist is beyond me.
For legal reasons I must emphasize that this is hear-say and should not be trusted as facts. At least one statement is a lie. What you believe is true is up to you.
All the while we were doing financial regulation software without any proper tests on the models being done outside of some spot checks.
And the idea of doing those was frowned upon :)
Lovely place.
Isn't the whole point of these companies to rubberstamp shady things corporations are doing, so they can shed resposibility more easily when caught?
For those who don't know, Cyprus is widely regarded as one of Europe's tax havens. And, of cause, Deloitte has offices there.
An article like like this could be auto-generated with anybody's name.
Things change when the cost-benefit analysis moves. If you apply the law strictly and effectively, the behaviour will adjust.
It would actually be reasonable if this was headline was news to Abramovich. I expect there are a bunch of standard services rendered to wealthy Russians and they just all use the same guy, who is known to get good results and no-one ever asks why. It is quite likely that there are a small group of fixers who maintain networks for certain geopolitical in-groups. They probably have excellent connections to people like Jeffery Epstein too. No surprise if the Russian circuit is actually flouting western law directly.
[0] https://en.wikipedia.org/wiki/List_of_people_named_in_the_Pa...
Sanction Deloitte Cyprus: don't ever except any paperwork from them again. "Sovereign state", my ass...
And so it's actually easier to spot this fraud than to conduct it. What you need is people willing to go look and people willing to prosecute it even though that's uncomfortable because these crooks always have powerful friends.
Ultimately the bigger problem is the Big Four themselves. They are obviously Too Big To Fail and three of them are based in a single place, London. I believe that the Paris MOU provides us a model for how to fix this in the medium term but I've seen no political will to even look at the problem, much less address it.
https://old.reddit.com/r/soccer/comments/1x3vru3/deloitte_he...
They obviously haven't done anything wrong then.
Also real estate prices in London at the top of the market are going down and down now that the money pump of corrupt Russian money has been switched off.
https://www.politico.com/magazine/story/2014/06/the-pitchfor...
I couldn't agree with the guy more, when he says:
>> when workers have more money, businesses have more customers—and need more employees
But that seems to be exactly the sane logic that old Jeff Bezos is spending his life and his billions trying to find a hack around. I'm still not clear who Amazon's customers will be if everyone's unemployed and AI and robots have taken all the middle class jobs... oppressive governments, I guess.
Great piece, and thanks for posting it.
And that's a lower bound, assuming his commercial real estate hasn't dropped further, which is a BIG assumption given that everyone else's has, and ignoring that he's obviously going to be levered up with the interest on his loans at least tripling soon ...
Trump might have been bankrupt if he wasn't elected, especially given that commercial real estate not only has gone down significantly but there doesn't seem to be anything on the horizon that would help it out.
https://www.visualcapitalist.com/charted-donald-trumps-net-w...
Making the relative comparison is useful in understanding what a shitshow is going on in the USA.
Back in the day, we used to think Abramovich was corrupt as fuck and very dodgy.
In 2026, I understand him to be a relative amateur ...