{"id":171146,"date":"2015-11-17T09:25:24","date_gmt":"2015-11-17T09:25:24","guid":{"rendered":"https:\/\/www.meydan.tv\/article\/aliyevs-businesses-in-georgia-part-ii\/"},"modified":"2024-12-20T05:57:34","modified_gmt":"2024-12-20T01:57:34","slug":"aliyevs-businesses-in-georgia-part-ii","status":"publish","type":"post","link":"https:\/\/www.meydan.tv\/en\/article\/aliyevs-businesses-in-georgia-part-ii\/","title":{"rendered":"Aliyevs\u2019 businesses in Georgia (Part II)"},"content":{"rendered":"
<\/figcaption><\/figure>\n
\"\"
<\/figcaption><\/figure>\n

Author: Afgan Mukhtarli<\/em><\/p>\n


\nThe second part of the investigative piece on President Ilham Aliyev\u2019s hidden business interests in Georgia explores Aliyevs\u2019 stake in Georgia\u2019s banking sector. The Azerbaijani first family holds strategic control over one of the largest banks in Georgia. However, recent changes within the bank’s ownership structure suggest a possible rift within the extended family.
\n<\/i><\/p>\n


\nPasha Bank in Georgia
\n<\/b>
\n<\/b><\/p>\n

Pasha Bank Georgia is located in a beautiful historic building in the city center of Tbilisi on Shoto Rustaveli Street 15. According to the National
\n
\nAgency
\n<\/a>
\nof Public Registry website operated by the Ministry of Justice, Pasha Bank Georgia was founded by Pasha Bank OJSC incorporated in Azerbaijan.<\/p>\n

The official records indicate that Pasha Bank OJSC stakeholders held a general meeting on October 22, 2012 where they decided to establish Pasha Bank Georgia. Pasha Bank Georgia\u2019s initial capital was 35 million
\n
\nlaris
\n<\/i>
\n(14.5 million dollars). The bank was incorporated on December 12, 2012.<\/p>\n

First Lady Mehriban Aliyeva\u2019s uncle Mir Jamal Pashayev holds 60% stake in Pasha Bank OJSC, while Ilham Aliyev\u2019s daughter Arzu owns 30%. The remaining 10% is held by the President\u2019s father-in-law, Arif Jalal Pashaeyv. Mir Jamal Pashayev is the son of the former Azerbaijani Ambassador to the US and the current rector of the Azerbaijani Diplomatic Academy, Hafiz Pashayev.<\/p>\n

\"\"
<\/figcaption><\/figure>\n

Arzu Aliyeva is also the director of Ador LLC. Investigative reporter Khadija Ismayilova, who is currently serving a 7.5-year sentence on charges of embezzlement and tax evasion, revealed Ador LLC\u2019s links to the first family\u2019s extended family. Arif Pashayev owns 10% of Pasha Bank\u2019s shares, whereas Jamal Pashayev holds 60% stake in Ador LLC.<\/p>\n

Although the shareholder meeting records listed Arzu Aliyeva as the 30% stakeholder of Pasha Bank, the company\u2019s 2013 annual return indicated that Arzu Aliyeva owns 45% of Pasha Bank\u2019s shares, and Aliyev\u2019s older daughter Leyla owns 45%. The remaining 10% belongs to Arif Pashayev.<\/p>\n

One may suggest that the fact that the majority shares were transferred from the Pashayevs to Ilham Aliyev\u2019s daughters may indicate a split in the President\u2019s extended family. Aliyev may have distanced his relatives from the largest holdings in Azerbaijan to make room for his daughters and assume full control over Pasha Holding.<\/p>\n

It is noteworthy that Pasha Bank Georgia does not provide individual or small business banking services. The bank only serves large companies or Azerbaijani businesses operating in Georgia. According to a report retrieved via the official Pasha Bank Georgia website dated December 2014, Pasha Holding\u2019s assets were estimated at around 3 billion euros.<\/p>\n

The following document from Pasha Bank OJSC\u2019s extraordinary shareholder meeting held on October 22, 2012 states the following:<\/p>\n


\nParticipants
\n<\/i><\/p>\n


\nShareholders:
\n<\/i><\/p>\n

    \n

  1. \nArif Mir Jalal Pashayev (address: U.Hajibayov Street, Building 27, Apartment 46; ID number AZE N 02024562, issued on 09.06.2004 by the Sabail District Police Station) owns 10% (1,000 shares) of share capital;
    \n<\/i><\/li>\n

  2. \nMir Jamal Hafiz Pashayev, the director of Pasha Holding, owns 60% (6,000 shares) (registered on November 1, 2006 by the Ministry of Justice of Azerbaijan under registration number 0106-P267-47064; legal address – L.Tolstoy Street 170, Baku).
    \n<\/i><\/li>\n

  3. \nArzu Ilham Aliyeva, the director of Ador LLC (registered by the Ministry of Taxes of Azerbaijan on May 19, 2008 under registration number 1700871041; legal address – Samad Vurgun Street, house #7, Sabail District, Baku) owns 30% (3,000 shares).
    \n<\/i><\/li>\n<\/ol>\n


    \nMir Jamal Hafiz Pashayev and Arzu Ilham Aliyeva were unanimously elected as the chair and the secretary of the meeting.
    \n<\/i><\/p>\n


    \nChair: M.H. Pashayev
    \n<\/i><\/p>\n


    \nSecretary: A.I. Aliyeva
    \n<\/i><\/p>\n


    \nThe protocol of the extraordinary annual meeting of Pasha Bank\u2019s shareholders.
    \n<\/i><\/p>\n

    \"\"
    <\/figcaption><\/figure>\n
    \"\"
    <\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

    The second part of the investigative piece on President Ilham Aliyev\u2019s hidden business interests in Georgia explores Aliyevs\u2019 stake in Georgia\u2019s banking sector. 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