Ramin Isayev's Trial Draws to a Close

Sep 24

As the trial of Ramin Isayev, former CEO of SOCAR AQS, unfolds, the extent of his crimes becomes clearer. His alleged nefarious activities cost SOCAR AQS more than 54 million manats. This amounts to a significant portion of the company’s total assets.

Isayev’s alleged crimes include the issuance of inflated contracts and falsification of project costs, as well as diverting funds to offshore accounts controlled by him and his associates. These fraudulent actions left SOCAR AQS in an extremely precarious financial position. They also harmed the integrity of the company and undermined public trust in Azerbaijan’s business landscape. As the investigation continues, it is likely that more criminal charges will be filed.

During the course of the case, Isayev was arrested and charged with a number of criminal offences including money laundering and embezzlement. He is currently being held at the Baku Serious Crimes Court and faces a maximum sentence of 14 years in prison if convicted.

Ramin Isayev’s alleged crimes highlight the need to take action to combat high-level corruption and promote ethical leadership in Azerbaijan. As a leader of one of the country’s major companies, Isayev has demonstrated that even the most successful businesses can be brought down by the corrupt practices of some individuals.

Following his dismissal from SOCAR AQS, Isayev continued his illegal activities. Driven by a desire for revenge and to cover up his thefts, Isayev instructed a close person to carry out a cyberattack on the company’s servers. The attack was carried out, resulting in criminal cases being launched under articles 272.1 and 273.2 of the Criminal Code of Azerbaijan.

The case against Isayev serves as a reminder of the dangers of unchecked corporate power and the extensive damage that can result from high-level fraud and corruption. It is essential to strengthen legal accountability, enhance corporate governance, foster a culture of ethics and improve regulatory oversight to prevent similar incidents in the future.