Arif Pashayev gave control of commercial companies to granddaughters

The father of the First Lady, the rector of the Academy of Aviation Arif Pashayev retired from management of the family business, transferred control of the commercial companies to his granddaughters Leila and Arzu Aliyeva, daughters of President Ilham Aliyev.

The process was completed last year, but this only became known after the publication of the findings of international audit of the financial statements of two commercial banks based on the results of 2013.

Prior to that, the sisters Aliyevs had control of Express Bank ( the amount of capital by 31st December 2012 - 100.5 million manat), Silk Way Bank ( 31 .. 12.2013 - AZN 74 million ) and JSC Xalq Bank ( 31 .. 12.2013 - 185.6 million manat).

Arif Pashayev until 2013 controlled business, concentrated under the umbrella LLC Pasha Holding, the largest growing group of companies. Founded in November 2006, the holding officially includes Pasha Bank ( on the 1st May 2014 the authorized capital - 333 million manat), Pasha Sigorta (AZN 50 million ), Pasha Hayat Sigorta (40,2 million), Pasha Inshaat ( not disclosed ), Pasha Travel ( 50 million manats ) and Capital Bank ( 150 million manat). In addition to these companies the group also includes several other equally active companies (Pasha Capital, Pasha Development, Xalq Capital, Xalq Sigorta, etc.). The holding companies have equity interests in many business structures. By some estimates, the total net assets of these and other companies are not less than 5 billion manat.

Ltd. Pasha Holding through its subsidiaries owns a large property in Baku and regions. These are Port Baku Towers ( total internal area - 130 thousand m2), apartment complexes Port Baku (382,3 thousand m2) and Nizami (17,5 thousand m2), a commercial parking lot for 900 cars , the shopping centers 28 Mall ( 65 7 thousand m2 ), Shuvelan Park ( 15 thousand m2 ) and Port Baku (30 thousand m2), the hotels JW Marriott (18.6 thousand m2 ), Four Seasons (49.3 thousand m2) and Pik Palace ( 32.7 thousand m2 ), the Amburan beach resort , the wellness center The Club, as well as numerous cafes, restaurants and boutique shops . The holding continues its investment activity in 2014-2015 and plans to launch several hotels and shopping centers in Baku and regions. - 08B-