As the trial of Ramin Isayev (Ramin Ali Hakan), the former CEO of SOCAR AQS, unfolds, the extent of his financial crimes becomes clearer. And the picture being painted is a grim one. The investigation into his nefarious criminal activities has led to over 54 million manats in funds, which Isayev stole and embezzled.

Isayev, currently on trial in the Baku Serious Crimes Court, has left in his path a long trail of incidents and affairs in which he conducted illegal activities for personal gain. His gross violations and misconduct led to his dismissal from SOCAR AQS and the opening of the investigation which eventually led to his current indictment and trial.

Here’s a detailed breakdown of the newly uncovered fraudulent activities:

1. Misappropriation in Bangladesh: Isayev siphoned off USD 12.4 million from a project in Bangladesh by inflating costs and falsifying income reports. Isayev prepared fake financial documents on behalf of the Bangladeshi company Bapex, claiming that Bapex was supposed to make a payment to SOCAR AQS in the amount of $12.4 million USD. He then forced his subordinates to sign forged documents. As a result, Isayev managed to maximize his gains from this fraud by reporting inflated income in the annual reports, earning a bonus even from non-existent income at the end of the year, and securing a loan from one of the Azerbaijani banks on the basis of this false financial document.

2. Inflated Lease Agreements: Isayev had SOCAR AQS lease land from a company named “Ulduz”, registered in the name of his sister’s brother-in-law. He leased the land for 4.1 million manats during 2015-2020, while the actual lease value was 278,000 manats. Isayev’s gain in this fraud – 3.8 million manats, was also the loss of SOCAR AQS on this deal.

3. Rotana Logistics Scam in Turkey: Isayev embezzled $306,000 through fictitious logistics expenses via Rotana Logistics, manipulating company reports. In reality, Rotana received the amount under Isayev’s instructions and signature, without providing any services whatsoever to SOCAR AQS. Based on a complaint from SOCAR AQS, the Turkish prosecutor’s office initiated a criminal case against this company. Preliminary investigations found that Rotana received numerous large transfers from Azerbaijani companies, each time without providing any services in return. These funds were then cashed in Turkey. The investigation into these illegal money transfers and money laundering is ongoing.

These revelations paint a grim picture of systemic corruption and abuse of power, with over 54 million manats and substantial amounts in foreign currency involved. The trial continues to uncover more details of his financial misconduct, reinforcing the importance of stringent oversight in corporate governance.