A high-profile corruption trial in Azerbaijan has ended with the conviction of one of the country’s most prominent former oil executives. On September 8, the Baku Court of Grave Crimes sentenced Ramin Isayev, the former general director of SOCAR AQS, to 14 years in prison on charges of embezzlement, fraud, money laundering, and abuse of office. The court also ordered the confiscation of real estate, cash, and other assets tied to Isayev and his family, underscoring the severity of the case in a country where oil wealth has long been intertwined with corruption scandals.

Isayev, who ran SOCAR AQS between 2008 and 2020, oversaw one of the most important subsidiaries of SOCAR (the State Oil Company of Azerbaijan Republic). SOCAR AQS, a joint venture, was responsible for drilling operations in the Caspian Sea, a core component of Azerbaijan’s energy sector and a major source of the country’s revenue.

During his tenure, Isayev cultivated a reputation as a powerful figure in the oil industry. Yet behind the scenes, investigators alleged that he abused his position to build a vast private fortune at the expense of the state. According to the prosecution, Isayev embezzled at least 54 million manats (about $31.76 million), diverting funds from company projects and state-backed loans into shell firms, luxury real estate, and personal accounts.

Court documents revealed a sophisticated scheme in which Isayev allegedly set up front companies that later secured lucrative state tenders from SOCAR and related enterprises. Investigators said he staffed these firms with close associates and family members,........

© Blitz