Russian oligarch Roman Abramovich may be owed to the UK up to £ 1 billion after an unsuccessful attempt to avoid taxes on hedge Funds, according to the BBC.
Documents reveal that investments of £ 4.7 billion were directed through companies in the British virgin islands, but the management of these assets occurred in the UK, which implies that they should have been taxed via London.
According to the BBC, a substantial part of non -taxed profits from Abramovich’s investments was directed to Chelsea. The billionaire bought Chelsea in June 2003, winning 21 titles as owner of the club, including five Premier League and two Champions League.
Abramovich sold Chelsea by 2022 due to political and economic pressures resulting from the Ukraine invasion of Russia. After the conflict began, the British government imposed sanctions on several Russian oligarchs, including Abramovich, due to its alleged ties with the Russian government.
These sanctions included the freezing of assets and financial restrictions, which made Abramovich unsustainable to maintain the club’s property.
As a result, he decided to sell Chelsea, on the condition that the sales profits were intended for charitable causes, including support for the victims of war in Ukraine. £ 2.5 billion remains in a frozen bank account in the UK due to divergences on how funds should be used.
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The lawyers of the oligarch state that he “has always obtained independent professional counseling in tax and legal matters” and “acted according to this counseling.”
Abramovich currently divides his time between Istanbul, Tel Aviv and the Russian Resort of Sochi, and denies any personal responsibility for unpaid taxes.
Labor party deputies have already asked the British physician to urgently investigate the case, stating that this could recover significant amounts that could be invested in public services.
