JSC Bank of Baku Merged with Oligarchic Capital

Hikmet Abuzer Oglu Ismayilov has become a new shareholder of Bank of Baku, the report of this bank (http://www.bankofbaku.com/site/assets/files/4044/audit_report_bank_of_baku_aze_2012.pdf) said. The bank does not inform on the background of its new shareholder.

Meanwhile, the search by Turan IA about the activities of this person in business brought a lot of interesting points.

It turned out that Hikmet Ismayilov is a 100% founder and owner of one of the leading insurance companies - JSC AzSigorta (http://www.azsigorta.az/uploads/Ucot_siyasti_v_izahl_qeydlr/Ucot_siyas%C9%99ti_v%C9%99_izahl%C4%B1_qeydl%C9%99r_2013.pdf), which is known in the business circles as a structure of Gilan Holding. The capital of the insurance company (not taking into account the distribution of profits) on 31 December 2013 was approximately 36.6 million manat. It is noteworthy that owned by the brothers Nijat and Taleh Heydarov (sons of the Minister of Emergency Situations Kamaladdin. Heydarov) Gilan Holding includes JSC AzSigorta created in 2006 in the list of its affiliated companies (http://web.archive.org/web/20141217092553/http://gilanholding.com/).

From January 2008 to June 2012 the state register of commercial entities was accessible to users. During this period, Hikmet Ismayilov acted as the founder of one company, Azdemir ltd (September 2008). It is noteworthy that Hangah Manouchehr Ali Oglu Ahedpour, a business partner of the Heydarovs, was appointed Director of the company. Suffice it to recall Caspian Fish Co. Azerbaijan, whose interests outside the country were represented by the company United Enterprises International (established by the Heydarov brothers in Great Britain).

Recall that 21.11% of the shares of Bank of Baku acquired by Hikmet Ismayilov were previously owned by Rafig Aliyev (http://www.bankofbaku.com/az/about/reports/), brother of the former Minister of Economic Development Farhad Aliyev. Farhad Aliyev was in tense relationship with Kamaladdin Heydarov. ----08B