New Transportation Company of Azerbaijani Oligarch in Turkey

Hafiz Mammadov, businessman, whose name was recently often listed in many scandalous events - from failures in the oil business to attempt to purchase European football teams - decided to try his luck in Turkey.

In this country he registered a transport company in his name, which will deal with road transport of goods. In Azerbaijan, Mammadov has several companies that provide services for the transport of oil and non-oil cargo and passenger traffic.

According to the Istanbul Chamber of Commerce (http://www.ito.org.tr), the Association of Chambers of Commerce and Commodity Exchanges of Turkey (http://www.ticaretsicil.gov.tr/index.php), on 24 December 2014 was registered the company Azlog Group Ithalat Ihracat Limited (registration № 953077/0), which is owned by Hafiz Mammadov. Initial contribution of capital of the company amounted to 10 000 TL. The control function remained at Mammadov.

In June of this year, his company (Baghlan Group FZCO) must repay Eurobonds featured on the international financial markets, totaling $ 150 million. The annual interest rate on the bonds is 14.75%. The securities were placed in June 2012 with repayment terms within three years. In December 2013 the holding was faced with the payment of obligations under the bonds sold, in connection with which a technical default was declared. The next interest payment on the bonds was planned for the 27th of December last year.

Note that like many other Azerbaijani oligarchs, the initial capital of which is formed in not the most transparent way, Hafiz Mammadov does not like to issue financial statements. The holding’s corporate website (www.baghlangroup.com), which did not differ from others in its meager content, has been idle for several months. --08B-