Bangladesh, Oct. 9 -- A long-simmering tax scandal tied to Russian billionaire Roman Abramovichs vast superyacht fleet reached a new phase this week, as a Cypriot court opened proceedings against a dissolved management company accused of evading tens of millions of euros in taxes. The case shines an unflattering light on how the wealthy have used offshore structures and secretive corporate arrangements to shield luxury assets – and how Cyprus, long a hub for Russian-linked financial activities, is struggling to reckon with its offshore legacy.

The Limassol District Court convened the first hearing on October 9 in the criminal tax case against BOYM – Blue Ocean Management Limited, a Cyprus-registered company once beneficially ...