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"MY HUSBAND IS IN RETAIL"
http://azerireport.com/index.php?option=com_content&task=view&id=3593&Ite mid=42
Or How President's Daughters Ended Up Owning Mega-Million Dollars
Holding Company
The current article is based on the results of a new investigation
presented by the US-based non-profit organization Azerbaijani-Americans
for Democracy (AZAD). It is a logical sequence to the series of recent
reports about an enormous wealth accumulated by Azerbaijan's ruling
family. Previous investigations by Radio Liberty journalist Khadija
Ismayilova about President's daughter owning the mobile phone operator
"Azerfon" and commercial bank "Azalbank", an article in Washington
Post on luxury Dubai villas belonging to President's 11-years old
son, and the CNBC documentary "Filthy Rich", vividly portraying the
corrupt fortunes of Aliyev family, - all drew a lot of attention from
worldwide audiences.
For a Russian version of this article, please click here.
Founded in 2003, "ATA-Holding" is one of the largest conglomerates
in today's Azerbaijan, encompassing a diverse group of companies
in financial, manufacturing, tourist and other industries. Among
its holdings are the banks "ATA Bank" and "VTB Bank (Azerbaijan)",
insurance company "ATA Insurance", leasing company "ATA Leasing",
hotel "Excelsior" and many other enterprises in different sectors
of the country's economy. The Holding is also the official sponsor
of International Federation of Field Hockey, International Wrestling
Federation, and is a winner of various awards and contests affirming
the achievements of its various companies in Azerbaijan.
According to the information posted on the official website of
ATA Holding, the company's charter capital (founding capital) in
local currency equivalent amounts to $107 million US dollars. Very
little other financial information is available to the public, and
the information about the holding's ownership is veiled in a shroud
of mystery.
So, who are the owners of this mega-million, rapidly growing business
venture in Azerbaijan? Although many "informed" individuals within
Azerbaijani public have long considered it an open secret that
the higher-up figure behind the holding group is the Minister of
Finance Fazil Mamedov, with his relatives and associates managing its
affiliated companies, no official documents were ever presented to
confirm these allegations. AZAD's investigation sheds light on the
real owners of ATA Holding, pointing clearly to...
The God Father
Coming to power in 2003, President Ilham Aliyev set new rules
of business in Azerbaijan. The system founded by his father and
predecessor, Heydar Aliyev, could no longer rely on the unquestionable
reputation and fear of the "god father". In the hands of Aliyev-junior
it needed more tangible devices for holding command over different
clans plundering the country's riches.
This resulted in a mass transfer of controlling share of the largest
companies to previously unknown firms registered in faraway offshore
zones, but in reality belonging to the President's family members.
In other words, his status of "god father" was thus strengthened
by the corporate raiding - forcible seizure of businesses ownership
practiced by the highest official in the state.
Appearently, ATA Holding has also met the same fate.
According to the records from Azerbaijan State Registrar, the 51%
controlling share of ATA Holding belongs to "Hughson Management, Inc."
registered in Panama, one of the leading offshore business zones (a
photocopy of the document is attached below; we deliberately removed
from the attached below picture references to the document inquiry
codes in order to protect the identity of the sources).
In its turn, records from Panama State Registrar (a photocopy of the
document is attached below) show as the owners of "Hughson Management,
Inc" ... Arzu Aliyeva and Leyla Aliyeva, the daughters of the President
of Azerbaijan, Ilham Aliyev.
Thus, president's two daughters possess the controlling share of
ATA Holding, worth minimum $55 million US dollars based on charter
capital alone, with real market value being higher by many-fold.
When it comes to his hidden fortunes, the circle of people whom
Azerbaijani President can trust is very small, indeed. And we can only
hope that he realizes the future he is building for his daughters,
who might have to keep saying "my husband is in retail", as Leyla
Aliyeva did when she responded to the CNBC reporter's question about
the sources of her family's wealth. (AzeriReport)
Excerpts from Azerbaijan State Registrar Records
Excerpts from Panama State Registrar Records
http://azerireport.com/index.php?option=com_content&task=view&id=3593&Ite mid=42
Or How President's Daughters Ended Up Owning Mega-Million Dollars
Holding Company
The current article is based on the results of a new investigation
presented by the US-based non-profit organization Azerbaijani-Americans
for Democracy (AZAD). It is a logical sequence to the series of recent
reports about an enormous wealth accumulated by Azerbaijan's ruling
family. Previous investigations by Radio Liberty journalist Khadija
Ismayilova about President's daughter owning the mobile phone operator
"Azerfon" and commercial bank "Azalbank", an article in Washington
Post on luxury Dubai villas belonging to President's 11-years old
son, and the CNBC documentary "Filthy Rich", vividly portraying the
corrupt fortunes of Aliyev family, - all drew a lot of attention from
worldwide audiences.
For a Russian version of this article, please click here.
Founded in 2003, "ATA-Holding" is one of the largest conglomerates
in today's Azerbaijan, encompassing a diverse group of companies
in financial, manufacturing, tourist and other industries. Among
its holdings are the banks "ATA Bank" and "VTB Bank (Azerbaijan)",
insurance company "ATA Insurance", leasing company "ATA Leasing",
hotel "Excelsior" and many other enterprises in different sectors
of the country's economy. The Holding is also the official sponsor
of International Federation of Field Hockey, International Wrestling
Federation, and is a winner of various awards and contests affirming
the achievements of its various companies in Azerbaijan.
According to the information posted on the official website of
ATA Holding, the company's charter capital (founding capital) in
local currency equivalent amounts to $107 million US dollars. Very
little other financial information is available to the public, and
the information about the holding's ownership is veiled in a shroud
of mystery.
So, who are the owners of this mega-million, rapidly growing business
venture in Azerbaijan? Although many "informed" individuals within
Azerbaijani public have long considered it an open secret that
the higher-up figure behind the holding group is the Minister of
Finance Fazil Mamedov, with his relatives and associates managing its
affiliated companies, no official documents were ever presented to
confirm these allegations. AZAD's investigation sheds light on the
real owners of ATA Holding, pointing clearly to...
The God Father
Coming to power in 2003, President Ilham Aliyev set new rules
of business in Azerbaijan. The system founded by his father and
predecessor, Heydar Aliyev, could no longer rely on the unquestionable
reputation and fear of the "god father". In the hands of Aliyev-junior
it needed more tangible devices for holding command over different
clans plundering the country's riches.
This resulted in a mass transfer of controlling share of the largest
companies to previously unknown firms registered in faraway offshore
zones, but in reality belonging to the President's family members.
In other words, his status of "god father" was thus strengthened
by the corporate raiding - forcible seizure of businesses ownership
practiced by the highest official in the state.
Appearently, ATA Holding has also met the same fate.
According to the records from Azerbaijan State Registrar, the 51%
controlling share of ATA Holding belongs to "Hughson Management, Inc."
registered in Panama, one of the leading offshore business zones (a
photocopy of the document is attached below; we deliberately removed
from the attached below picture references to the document inquiry
codes in order to protect the identity of the sources).
In its turn, records from Panama State Registrar (a photocopy of the
document is attached below) show as the owners of "Hughson Management,
Inc" ... Arzu Aliyeva and Leyla Aliyeva, the daughters of the President
of Azerbaijan, Ilham Aliyev.
Thus, president's two daughters possess the controlling share of
ATA Holding, worth minimum $55 million US dollars based on charter
capital alone, with real market value being higher by many-fold.
When it comes to his hidden fortunes, the circle of people whom
Azerbaijani President can trust is very small, indeed. And we can only
hope that he realizes the future he is building for his daughters,
who might have to keep saying "my husband is in retail", as Leyla
Aliyeva did when she responded to the CNBC reporter's question about
the sources of her family's wealth. (AzeriReport)
Excerpts from Azerbaijan State Registrar Records
Excerpts from Panama State Registrar Records