BAKU, Azerbaijan - Authorities have confiscated assets worth nearly 100 million manats ($58.8 million) from Ramin Isayev, the former chief executive of drilling company SOCAR AQS, according to a property inventory reported by Azerbaijani news outlet Qafqazinfo.
Isayev is serving a 14-year prison sentence after being convicted of embezzling 54 million manats and laundering criminal proceeds. The confiscated assets include 19 apartments and private homes, commercial premises, land, 34 gold bars and more than $6 million in cash.
Gold, Jewelry and Cash
The inventory lists 34 AzerGold-branded gold bars; a Frey Wille necklace, ring and earrings; and a Van Cleef & Arpels bracelet-and-earrings set.
The seized cash includes:
- $6.257 million;
- 352,000 manats, plus another 133,000 manats held in a bank account;
- 18,495 euros;
- 11,565 British pounds;
- 23,550 Russian rubles;
- 11,600 Czech korunas;
- 1,345 UAE dirhams;
- 40 Ukrainian hryvnias, 500 Turkish liras and 30 Swiss francs.
Homes Across Eight Baku Districts
The 19 apartments and private homes are spread across eight districts of Baku. The list includes five apartments in Nasimi, four in Binagadi, four in Narimanov, and an apartment and private home in Surakhani.
It also includes one apartment each in Yasamal and Sabail, a house in Buzovna in the Khazar district, and an apartment in the Sea Breeze complex in Nardaran in the Sabunchu district.
Seven nonresidential properties were also confiscated: four large premises on Kamal Rahimov Street in Yasamal and one property each in Nasimi, Sabail and Binagadi.
The inventory additionally includes two garages in Nasimi, land parcels in Binagadi, Badamdar and Bilgah, and an Audi E-Tron electric vehicle.
Assets Expected to Be Sold
Part of the confiscated property is expected to be used to compensate for the 54 million manats in losses, while the remainder will be transferred to the state, the report said. Court enforcement officers are expected to offer the assets for sale.
Investigators from the Prosecutor General’s Anti-Corruption Directorate uncovered the offenses. Isayev was convicted of large-scale embezzlement and money laundering, and his 14-year sentence has entered into force.
Sources: Vesti Baku, citing Qafqazinfo; OCCRP.