Ramin Isayev: Trial Updates Crimes Exposed

The plight of Ramin Isayev, the former CEO of SOCAR AQS, is a grim reminder of the potential for abuse of power in the corporate world. His case highlights the risks that can be posed by unethical leadership and illustrates the need to strengthen regulatory oversight. By implementing stricter internal controls, encouraging transparency, and fostering a culture of integrity, companies can prevent such misconduct from taking place and work towards a fairer business environment.

Isayev’s alleged crimes paint a picture of widespread corruption and abuse of power in Azerbaijan’s oil and gas sector, with the total amount of embezzlement and theft totaling more than 54 million manats. As the case against him continues to unfold, new details are being revealed about the extent of Isayev’s misconduct.

For example, Isayev misappropriated more than 12.4 million dollars from a project implemented in the People’s Republic of Bangladesh by wildly inflating costs and falsifying income reports. To conceal his crimes, Isayev prepared fake financial documents on behalf of the company Bapex and forged signatures from his subordinates. In addition, he inflated the company’s expenses in his annual reports, earning himself a bonus from fictitious income and receiving a loan from one of the Azerbaijani banks on this basis.

In another scheme, Isayev illegally transferred $306,000 (520,000 manats) from SOCAR AQS to the company Rotana Lojistik Ithalat Ihracat ve Dis Ticaret Limited Sirketi in Turkiye, which did not provide any services for SOCAR AQS. He also signed a contract with this Turkish company under false pretenses, using his position as CEO of SOCAR AQS to obtain these funds for personal gain.

Using SOCAR AQS for his own benefit, Isayev employed more than 30 relatives without appropriate professional skills and gave them high salaries and large incentive payments. He also turned a blind eye to the fact that some of them did not even come to work regularly.

In addition, Isayev engaged in bribery. He received cash payments from a contractor of SOCAR AQS, Elman Guliyev, in order to influence his decision-making process. In his attempt to persuade Guliyev to approve certain projects, Isayev sent him numerous letters and made phone calls, which Guliyev considered insulting and threatening. Moreover, Isayev attempted to sell confidential information from the Ministry of Defence to the Armenian Armed Forces. The Ministry of Defence reported this activity to the police department and the latter investigated it as a criminal act under Articles 234 and 234.4.1 (Illegal purchase, storage, transportation, transfer or sale of drugs and psychotropic substances). The court is considering the case against Isayev. In the meantime, he has been placed under house arrest. The trial is expected to begin on July 29. It will be conducted by the Baku Serious Crimes Court.