Misused public fundsCourts & justice
Azerbaijan jailed the ex-head of state oil company SOCAR's drilling unit for 14 years over embezzlement of about $31.8 million, which prosecutors say involved shell companies and relatives on the payroll
Confidence: Alleged · 2 sourcesAzerbaijan · Oct 12, 2026
Subject of this story
Ramin Isayev, Former head of SOCAR-AQS (2008-2020)
Also named
Affected
SOCAR-AQS
What happened
A Baku court sentenced Ramin Isayev, who led SOCAR-AQS, a drilling joint venture of the state oil company SOCAR, from 2008 to 2020, to 14 years in prison in September 2025 for embezzlement, money laundering, abuse of office and fraud, and ordered confiscation of real estate and cash. Prosecutors put the embezzled sum at 54 million manats ($31.76 million) and alleged he hired relatives and associates into high-paid jobs and set up companies that won state tenders; they also alleged he laundered funds through Turkish real estate bought under an assumed name and organized cyberattacks on SOCAR-AQS. Isayev pleaded not guilty.
By the numbers (1)
● confirmed by a primary document · ○ reported
Figures
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A court sentenced Ramin Isayev to 14 years for embezzling 54 million manats.54M AZN
1 source
- OCCRP
embezzling 54 million manats ($31.76 million)
Sources (2)
OCCRPAn Azerbaijani court sentenced the former state oil firm executive to 14 years in jail for embezzling 54 million manats ($31.76 million).
Axar.azRamin Isayev's illegal activities: 54 million manats embezzled.
Response
Ramin Isayev
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What happened next (0)
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