A Cyprus-registered superyacht management company once linked to Russian billionaire Roman Abramovich faced criminal tax charges at the Limassol District Court today, Thursday, according to CiREN.

Blue Ocean Management Limited, which managed a $1.2 billion fleet of luxury yachts used by Abramovich, is accused of failing to pay over €26 million in taxes and interest. Three former directors — Maria Damianou, Ioanna Ilia, and Neil Wade — also face tax-related charges, along with Meritservus Secretaries Limited, a Cyprus-based firm that administered Abramovich-owned companies.

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Neither Blue Ocean nor Meritservus sent representatives to court. Damianou and Ilia’s lawyer requested access to evidence but made no comment on the charges. Wade, a British national, has not been located to receive an indictment.

Founded in the 2000s, Blue Ocean was hit with a €14 million VAT bill in 2013, which grew to €26 million with interest. After Cyprus’ Supreme Court dismissed its final appeal last year, the firm was dissolved but reinstated in June 2025 at the request of the Tax Commissioner.

The case follows investigations by CiREN, OCCRP, The Bureau of Investigative Journalism, and the BBC, which revealed Blue Ocean allegedly created a fake yacht-leasing scheme between 2005 and 2010 to avoid VAT. The vessels were leased to companies owned by Abramovich’s offshore trust posing as independent clients.

Damianou told CiREN she was “a mere employee of Meritservus” acting on its instructions and called the charges “unfair and unfounded.” Abramovich, sanctioned by the EU in 2022 after Russia’s invasion of Ukraine, is not charged in the case.

The hearing was adjourned until January 14, pending further evidence and confirmation of indictments.

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