An international legal saga has landed in the Middlesex, Massachusetts Superior Court, where SOCAR AQS, an Azerbaijani oil and drilling company, is seeking to enforce a Turkish judgment against its former CEO, Ramin Isayev, also known as Ramin Ali Hakan. The judgment, exceeding $2.7 million, stems from allegations that Isayev misappropriated funds and caused significant financial damage to SOCAR AQS during his tenure as CEO.
The case has brought a complex web of international legal proceedings and accusations of corruption and misappropriation. Court documents reveal that Isayev served as CEO of SOCAR AQS from March 2008 to October 2020. During this period, he allegedly orchestrated a land lease contract with inflated prices, misappropriating 4,600,360 Azerbaijani manats (approximately $2.7 million).
Details of the Alleged Misconduct
The petition submitted by SOCAR AQS to the Middlesex Superior Court provides detailed allegations against Isayev. It claims that Isayev, while acting as CEO, abused his official powers to misappropriate funds for his personal gain. The petition further alleges that Isayev’s actions undermined the charter purposes and profitability of SOCAR AQS.
A Transcontinental Legal Battle
In January 2024, SOCAR AQS secured a judgment against Isayev in the Third Execution Office of the Republic of Turkey. The company is now pursuing the enforcement of this judgment in the United States. To note, Isayev has active accounts in the US with substantial funds in them.
The case hinges on the Uniform Foreign Country Money-Judgments Recognition Act, which Massachusetts has adopted. SOCAR AQS argues that the Turkish court had personal jurisdiction over Isayev, and that the judgment is final, conclusive, and enforceable in Turkey.
Evidence and Supporting Arguments
SOCAR AQS has presented a compelling body of evidence to support its motion. This evidence includes a petition from the Anti-Corruption General Directorate of the Chief Public Prosecutor’s Office of Azerbaijan, which alleges that Isayev orchestrated the misappropriation of funds for his personal use.
The company also points to the fact that Isayev has not challenged the Turkish judgment or the underlying allegations. This, SOCAR AQS argues, further strengthens their case for enforcement.
Potential Outcomes and Implications
The Middlesex Superior Court is currently deliberating on whether to enforce the Turkish judgment. If the court rules in favor of SOCAR AQS, it will order Isayev to pay the $2.7 million judgment, plus accrued interest and legal costs.
The outcome of this case is important to both SOCAR AQS and Isayev. A favorable ruling for SOCAR AQS would represent the recovery of misappropriated funds and a degree of vindication.