Ramin Isayev's Trial Continues

As the trial of Ramin Isayev, former CEO of SOCAR AQS and one of Azerbaijan’s leading businesspeople, continues at the Baku Serious Crimes Court, the full scope of his alleged crimes is becoming clearer. The prosecution’s evidence, including bank records and internal communications, reveals how Isayev abused his position to embezzle millions of manats from the company for personal gain. The case illustrates the dangers of unchecked corporate power, and the need for robust oversight and regulatory reform.

The case against Isayev, also known as Ramin Ali Hakan, began in 2022 with accusations of embezzlement of up to 16 million manats. Following the investigation, it was discovered that the nefarious activities perpetrated by Isayev far exceeded this amount. As a result, he has been charged under Article 179.4 (embezzlement, particularly on a large scale) and with money laundering, pursuant to Article 193-1.3.2 (legalization of money obtained through crime).

From the beginning, Isayev’s alleged crimes were complex and involved various schemes to defraud SOCAR AQS and other organizations. These included granting inflated contracts to shell companies and fraudulently inflating project costs. Isayev also diverted funds into offshore accounts that he used to fund his lavish lifestyle. Isayev’s illegal activities caused SOCAR AQS to suffer considerable financial damage and set a dangerous precedent for other leading businesses in Azerbaijan.

Isayev’s alleged schemes to illegally appropriate funds were complicated, and required sophisticated coordination between different legal entities. This required collaboration between local and international law enforcement agencies. The case highlights the need for effective global cooperation in the fight against financial crimes.

As the investigation progressed, it was found that Isayev transferred illegally appropriated funds to companies in Turkey and other countries in order to launder them. These transfers were made under Isayev’s instruction and signature. The prosecution is continuing its efforts to establish the nature of these transfers and to determine how much of the stolen assets were transferred outside of Azerbaijan.

Aside from SOCAR AQS, Isayev abused his position to steal from a number of other organizations. He employed over 30 relatives who did not have professional skills, paying them salaries that were 10 times higher than what he paid SOCAR AQS workers for the same roles. He also used company property for his personal use, resulting in additional damages to the company.

The trials against Isayev and two other prominent Azerbaijani businesspeople highlight the growing risk of unethical practices in the region. These cases underscore the need for stricter corporate governance and greater accountability in public-private partnerships, to reduce the risks of high-level corruption and financial fraud. Azerbaijan should take a comprehensive approach to address these issues, ensuring that those who engage in criminal misconduct are held accountable and prosecuted through an effective judicial system. The Isayev case also illustrates the importance of preventing abuse of office through effective internal controls, a culture of integrity, and rigorous oversight. The upcoming trial of Isayev provides an opportunity to demonstrate a strong commitment to justice, and to strengthen the country’s business environment.