Ramin Isayev, former SOCAR AQS director, was sentenced for embezzlement, fraud and money laundering, with investigators saying he laundered millions through Turkish real estate and used shell firms to win state tenders.
An Azerbaijani court has sentenced a former state oil firm executive to 14 years in jail for embezzling 54 million manats ($31.76 million).
The Baku Court of Grave Crimes on Monday jailed Ramin Isayev—who served from 2008 to 2020 as the general director of SOCAR AQS, a joint venture of the state oil firm that operates drilling rigs in the Caspian Sea—after finding him guilty of embezzlement, money laundering, abuse of office, and fraud. The court also ordered the confiscation of real estate and large sums of cash belonging to him and his family, according to RFE/RL’s Azerbaijani service.
The court reportedly heard allegations that Isayev had employed relatives and associates in high-paid jobs and set up companies that later won state tenders. He pleaded not guilty, insisting that his family’s assets came from income earned through business activities predating his state career, RFE/RL reported.
In July 2023, Azerbaijani pro-government media reported that Isayev had been arrested in connection with the suspected embezzlement of 16 million manats ($9.41 million).
According to RFE/RL’s reporting, Isayev’s indictment alleged that he laundered embezzled funds through real estate purchases in Turkey, where he had obtained citizenship under the name Ramin Ali Hakan.
Azerbaijani authorities also accused him of organizing cyberattacks against SOCAR AQS and embezzling millions of dollars borrowed from the International Bank of Azerbaijan.
