The new owner of Nakhchivan - Ali Naghiyev

The new owner of Nakhchivan - Ali Naghiyev
12 Dekabr 2023
Mətni dəyiş

The wealth of Vasif Talibov, who led Nakhchivan for 27 years, has changed hands since he was released from his position last year. Several people are named in the documents released to the press.

But are these people the real owners of Talibov's property?

With our investigation, you will find out the real owners…

The last audited financial report of NakhchivanBank OJSC shows that the family members of the former shareholder Vasif Talibov - 3 children and wife - decided on the payment of dividends at the meeting held on January 31, 2023. On the same day, the bank distributed AZN 14,059,000 between them. The next day, shares with a nominal price of 94 million manats were sold to 3 people.


Along with the bank, the new shareholders have also become the owners of a subsidiary company, "Nakhchivan Insurance" with a capital of 7 million manats. It is unknown whether the Talibovs received these millions of suitcases. But it is already a fact that the Bank's shareholders are other people. The main shareholder of the bank is Huseyn Mammadov. Unlike the other two shareholders, he is not a member of the Supervisory Council. There is no information about him on the website of "Nakhchivan Bank" as well. But who is this mysterious person?

Born in 1971, Huseyn Mammadov, a graduate of the law faculty of Baku State University, represents the interests of Ali Naghiyev, the head of the State Security Service. For instance, Huseyn Mammadov has been the manager of several companies owned and controlled by Ali Naghiyev's sons for the past 14 years. Between 2015 and 2019, he led the company "Connect" intermittently. The company currently provides over-the-air cable television and internet provider services to the population in the cities of Baku, Sumgayit, Khirdalan and surrounding settlements. The son of General Ali Naghiyev, Ilham Naghiyev, used to present himself as the CEO of this company in his previous Linkedin account. At the moment, however, this information is absent from his actively-used current Linkedin account.

Ilham Naghiyev, son of Ali Naghiyev, was the first head of "Inci Shadliq Sarayi" (Inci wedding palace) LLC in 2009. He is also the founder of the company. In 2018-2019, this wedding palace was managed by Huseyn Mammadov. During the same years, he also managed the wedding palace "Agh Saray" owned by "Prant-NT" LLC. The information about the fact that the wedding palace is owned by "Prant-NT" LLC was apparent in the register of the Food Safety Agency.

In the last 3-4 years, Huseyn Mammadov also participated in the management of 4 more companies of the Naghiyevs. These are "FDI INTERNATIONAL", "LIGHT CITY", "FAKTOR GROUP-S" and "FAKTOR GROUP-S-1" Closed Joint Stock Companies. Per the order of "FAKTOR GROUP-S", "FDI INTERNATIONAL" CJSC is completing the construction of 8 residential complexes called "Baku City Residence Khatai" in White City. Ilgar Naghiyev, the youngest son of General Ali Naghiyev, indicates himself as the chairman of the board of the "Baku City Residence" project since January 2018 on his Linkedin profile.

And now about Rufat Mammadov, the new owner of 26.52% of Nakhchivan Bank...

Although there is no information about his personal business, it is known that in his professional career he held managerial positions in the brewery located in Khirdalan and in "Gilan Holding". At the end of 2020, he was elected as the chairman of the board of yeast producer company -  "Azer Maya" OJSC. Huseyn Mushvig oghlu Mirzayev, who owns 97.9916% of this yeast producer, is the grandson of Ali Naghiyev's father-in-law. In February 2021, the shareholders decided to establish a subsidiary. In April of the same year, that subsidiary company, "Azer Maya Production" CJSC, was officially registered with the state.

Rufat Mammadov was appointed as the director of this enterprise. By the way, Ilham Naghiyev introduces himself as a partner of "Azer Maya", and Ilgar Naghiyev as the chairman of the board. As for "Azer Maya" OJSC, in March 2022, the shareholders adopted a decision on its liquidation by majority vote.

Binnet Novruzov is the new holder of the remaining 9.82% shares, for which the Talibov family spent approximately 10 million manats on the issue of Nakhchivan Bank OJSC. Before coming to Nakhchivan Bank and being appointed chairman of the Supervisory Council, he worked as a deputy director of one of SOCAR's subsidiaries in Dubai. Binnet Novruzov did not answer the questions about the source of the investment in the shares, whether the payment for their purchase was made in cash or by transfer, and about the real owner of those shares.

The Talibovs have lost control not only of the bank, but also of the "Nakhtel" mobile operator, which provides services only in the Nakhchivan region. Founded in 2015, Nakhtel is a 4th generation GSM+LTE operator. The company was part of the Talibovs's "Nagshijahan" group of companies. Vasif Talibov's son Seymur Talibov represented the holding at official events. In May of this year, the director of the company, Kamil Yusifov, was replaced by Rashad Namazov. "ARAZ TECH"

LLC was established under the leadership of Kamil Yusifov on December 30 of last year in Nakhchivan.

Later, Rashad Namazov was appointed as the director of the company. In 2019, he took over the position of director in the Naghiyevs' Connect” company from Huseyn Mammadov. Rashad states that he worked for this company for 12 years and left on November 1 last year. In the same month, he took the position of deputy director of another company of the Naghiyevs - "A2Z Technologies" CJSC -  specializing in the field of internet services. Dmitry Zverev is the director of A2Z Technologies CJSC. Interestingly, the person responsible for the domain of the company ArazTech, which provides internet, cloud solutions, video surveillance and IT services under the trademark araz-net in Nakhchivan, is the director of A2Z Technologies CJSC Dmitry Zverev.

Traces of information on companies operating in the region's banking and communications sector lead to the family of the head of the State Security Service. Thus, it turns out that the Talibovs, whose position and credibility were damaged, transferred part of their property to the influential oligarchs - the Naghiyevs.


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