| The media outlets' new analysis of Cyprus documents suggested Abramovich's companies failed to pay tax on profits from offshore investments worth $6 billion. Significantly, the outlets found that while the investments were routed through Cyprus and the British Virgin Islands, they appeared to have been managed by an executive in the U.K., meaning they should have been taxed there.
Both Cyprus and the BVI reportedly played a role in the yacht scheme, too, which sought to present the Abramovich fleet as commercial vessels to avoid millions in EU taxes on running costs, according to ICIJ's media partners.
Abramovich's lawyers declined to answer detailed questions sent by ICIJ and its partners but said he "always obtained independent expert professional tax and legal advice" and "acted in accordance with that advice."
The British MP leading the push for the U.K.'s tax authority to investigate Abramovich's offshore investments told ICIJ that people were "rightly angry at wealthy individuals using complex corporate structures and British Overseas Territories to dodge tax while ordinary people pay their fair share." Read more here.
$150M WORLD BANK PROJECT SPIKED
A controversial World Bank-funded conservation project in Tanzania worth $150 million has been canceled amid widespread allegations of forced evictions, rapes and extrajudicial killings. The World Bank approved the project in 2017 to develop "priority protected areas" to increase tourism to the East African country.
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Thanks for reading! Joanna Robin
ICIJ's digital editor
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