Pandora Papers Expose President of Azerbaijan’s $500 Million London Real Estate Portfolio

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splits: 12

The leak of the so-called Pandora Papers is making some extraordinarily rich individuals, extraordinarily uncomfortable this week.

Earlier this week we chronicled how an alleged girlfriend of Vladimir Putin has amassed a $100+ million portfolio of real estate and other assets. Yesterday we reported on the King of Jordan’s secret $140 million American real estate portfolio that features three side-by-side clifftop Malibu mansions.

In at present’s scorching seat? The ruling household of Azerbaijan.

President of Azerbaijan Ilham Aliyev (Picture by Richard Heathcote/Getty Photos)

Ilham Aliyev has been president of Azerbaijan since October 31, 2003. He was elected after his father Heydar, the previous president, died. Ilham’s election allegedly featured a rare quantity of fraud. Not a terrific word to start out out on, and his time in workplace has not precisely been a shining instance of management. Throughout his tenure as president, Aliyev has been accused of corruption, bribery, human rights abuses, torturing journalists, and vote-rigging.

The Institute for Democracy in Jap Europe and the Human Rights Watch reported arrests of Aliyav’s opposing candidates, widespread fraud and abuse within the election, and police violence towards journalists and other people participating in election rallies. In 2012, Ilham Aliyev was named the particular person of the 12 months in organized crime and corruption by the Organized Crime and Corruption Reporting Mission. The Aliyev household was additionally implicated in a sophisticated money-laundering scheme in 2017 paid bribes to outstanding European politicians in trade for them providing a constructive picture of his presidency.

The nation is wealthy in oil. This oil has made the ruling household rich. Extraordinarily rich.

Through the years, prolonged members of the Aliyev household have constructed up huge fortunes because of their possession of a number of state-run industries The Aliyev household owns massive elements of a number of Azerbaijani banks, development corporations, and the nation’s oil and gasoline industries.

Their wealth is hidden via a sophisticated community of offshore firms. Previous to the Pandora Papers leak, we estimated that Ilham Aliyev was personally worth $500 million. We’d must double that quantity, particularly should you embrace his kids and different relations.

In line with the Pandora Papers, Aliyev’s three children, Leyla, Arzu, and Heydar are listed as shareholders in 44 firms registered within the British Virgin Islands. 5 of these  firms have been allegedly used to purchase $120 million of high-end property in London between 2006 and 2009.

In line with the Panama Papers, the ruling household of Azerbaijan owns greater than $500 million value of actual property in London alone.

Over in Dubai his kids reportedly personal $75 million value of actual property.

Queen Elizabeth has additionally been dragged into the mud because of the Pandora Papers and Ilham Aliyev. It is being reported that in 2018 The Crown Estate, which manages all of the Queen’s funds and actual property holdings, paid $91 million for an eight-story workplace and retail constructing within the Mayfair space of London via The Crown Estate. The sellers have been allegedly members of the Aliyev household. The sellers took dwelling a $42 million revenue on the sale of the actual property to Queen Elizabeth. The property was purchased in 2009 for $48 million via an organization owned by Aliyev’s daughter Arzu.


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