Cyprus tax office targets €25m debt from Abramovich-linked firm
A company linked to Russian billionaire Roman Abramovich has been brought back onto the Cyprus companies register, even though it owes the state nearly €25 million in taxes and interest.
The company, Blue Ocean Yacht Management (BOYM), had been removed from the official records in July last year. But on June 20, it was reinstated by court order after the tax department stepped in to recover the unpaid debt.
Tax commissioner Sotiris Markides told the Cyprus News Agency that criminal charges are being prepared against the company’s directors from the time the debt was created, mainly those listed in 2012 and earlier. He said the department would take legal action “without exception”.
The company was first registered in November 2002. In July 2011, it changed its name to include the abbreviation BOYM. It had no directors from 2022 onwards and was considered non-compliant with company rules.
In August 2022, the registrar of companies began the process to strike off the firm. The tax department initially objected, but later dropped its objection in July 2024. That allowed the company to be removed from the register.
After questions were raised in parliament, the tax department applied to the courts to bring the company back, so that legal steps could be taken. A judge approved the request on June 16, and the company was officially restored last Friday.
Registrar of companies Irene Chrysostomou explained that under the law, when a company is reinstated by court order, it is treated as if it was never deleted.
However, the company still has no directors, which means it remains in breach of the law. The registrar said authorities such as banks, the social insurance office, and the tax department would be informed again so they can decide whether to oppose any future deletion.
She added that the company won’t be removed again until the legal process is completed.
Markides confirmed the case is now in the hands of legal experts, who are working to identify which former directors can be taken to court for failing to pay VAT. He said the aim is to move quickly, possibly before courts close for the summer break.