Ramin Isayev

1. In July 2023, Azerbaijani authorities arrested Ramin Isayev, also known as Ramin Ali Hakan, the former CEO of SOCAR-AQS LLC, on charges of large-scale embezzlement. The Anti-Corruption General Directorate of the Prosecutor General's Office initiated a criminal case against Isayev under Article 179.4 of the Criminal Code, accusing him of embezzling 16 million manats (approximately $9.4 million). APA.az Isayev led SOCAR-AQS, a significant player in Azerbaijan's oil and gas sector, from 2008 until his dismissal in 2020. During his tenure, he allegedly engaged in fraudulent activities, including awarding inflated contracts to shell companies, falsifying project costs, and diverting funds into offshore accounts. These actions reportedly financed a lavish lifestyle and caused substantial financial damage to SOCAR-AQS and other organizations. Corruption in Caucasus Following a 10-month investigation, the Anti-Corruption Department concluded its case against Isayev. Initially arrested in June 2023, Isayev, born in 1972, faced a preparatory court hearing on July 29, 2024, in the Baku Serious Crimes Court. The charges against him were later updated to reflect an alleged embezzlement amount of 54 million manats (approximately $31.8 million). Meydan TV Isayev's arrest and trial have drawn significant attention, highlighting systemic issues of financial misconduct within the region's oil and gas industry. The case underscores the Azerbaijani government's efforts to combat high-level corruption and the challenges in prosecuting sophisticated financial crimes. If convicted, Isayev could face a lengthy prison sentence, marking a pivotal moment in Azerbaijan's ongoing battle against corruption.