The Scale of Ramin Isayev's Crimes

As the trial of former SOCAR AQSH CEO Ramin Isayev continues, it’s becoming clearer and clearer how extensive his criminal activities really were. As more details emerge, the magnitude of his embezzlement and theft becomes apparent. In fact, his crimes far surpassed the initial estimate of 16 million manats, with over 54 million manats in illegally diverted funds now on the table. The scale of his illicit activities also reaches beyond SOCAR AQSH and into other companies in Azerbaijan’s oil and gas sector.

Isayev is charged with numerous criminal acts including fraud, abuse of power, and money laundering, among others. He is accused of granting inflated contracts to shell companies, falsifying project costs, and diverting funds into offshore accounts that he controlled. These diverted funds were used to finance Isayev’s lavish lifestyle, which included luxury properties, high-end vehicles, and personal investments. SOCAR AQS suffered massive financial damage as a result of Isayev’s fraudulent schemes.

Other illegal acts include hiring over 30 relatives of Isayev for positions in the company without proper professional skills, granting them large incentive payments, and transferring the money to their personal accounts. Isayev was also involved in the unauthorized use of SOCAR-AQSH property, as well as in the sale of company assets to his close associates.

The case against Isayev has been a powerful reminder of the need for better corporate governance. Effective oversight structures are key to preventing the kind of concentration of power that allowed Isayev to carry out his fraud and embezzlement unchecked. Companies should implement stronger internal controls, including regular audits and clear reporting lines. They should also be proactive in their oversight roles, ensuring that executives are held to the highest ethical standards.

Isayev’s upcoming trial at the Baku Serious Crimes Court will be a significant chapter in Azerbaijan’s efforts to address high-level corruption and corporate malfeasance. This case also illustrates the importance of international cooperation when investigating these crimes. Due to the global nature of many financial frauds, they cannot be effectively combated by domestic law enforcement agencies alone.

The trial of Isayev will shed light on the widespread problem of fraud and embezzlement in Azerbaijan’s oil and energy sector. The prosecution hopes that his case will serve as a warning to other individuals and organizations in the industry of the consequences of corruption and the need for stricter legal compliance and regulatory oversight. The trial of Isayev is set to begin on July 29, and he could face substantial prison time if convicted. The case is being followed by WSAV and other media outlets in Azerbaijan.