Abramovich Faces £1 Billion Tax Bill Over Hedge Fund Investments

Former Chelsea FC owner Roman Abramovich may owe the UK government up to £1 billion in unpaid taxes related to hedge fund investments, as revealed by leaked documents. These documents indicate that approximately $6 billion (£4.7 billion) was funneled through British Virgin Islands (BVI) companies, but was actually managed from the UK, thus making it subject to UK taxation. Abramovich's legal team asserts he followed independent tax advice and denies any wrongdoing. Labour MP Joe Powell is calling for HM Revenue and Customs to investigate and recover the significant sums for public services. A critical figure in the dealings is Eugene Shvidler, who managed these investments while residing in the UK, further complicating Abramovich's defense. Shvidler's lawyers argue that the reporting is based on incomplete information, challenging the conclusions drawn about their client's conduct.