A native of Azerbaijan, the richest representative of the community of Mountain Jews Telman Ismayilov was able to avoid the loss of the Mardan Palace belonging to him in Antalya.
Due to the multi-million dollar debt the Turkish bailiffs were going to put the hotel up for sale, the website Gursesintour.com reported. According to the publication, at the last moment Ismayilov was able to negotiate with the Turkish bank Khalk Bankasi for the debt restructuring. The businessman has pledged to pay $ 100 million over the next 4 years.
The Mardan Palace was opened on 23 May 2009, on the day when the businessman’s father Mardan Ismayilov, after whom the hotel is named, would have been one hundred years old.
In the construction of this hotel, which is considered one of the most luxurious in the world, he invested from $ 500 million to $ 700 million dollars, according to different estimations.
According to unofficial data, besides the Turkish bank, Telman Ismayilov took a credit for the construction also from the International Bank of Azerbaijan.
In 2010, Mustafa Akaydin, Mayor of Antalya started checking the legality of issuing permits for construction of the hotel.
According to the Turkish press, the luxury hotel was not as profitable as Ismayilov expected and did not return the huge funds invested in it. -02D-
Economics
-
According to the State Customs Committee, in the first eleven months of this year, Azerbaijan transported 6.96 million tons of cargo by rail, worth $3.01 billion. This represents a 4% decrease in volume and a 10.1% decline in value compared to the same period in 2023.
-
The Cabinet of Ministers of Azerbaijan has approved a set of regulations to govern the approval of agreements under the country’s competition law, aimed at fostering compliance with legal frameworks and enhancing market transparency.
-
Azerbaijan's ambitious program to restore territories liberated from Armenian occupation has attracted attention due to the extensive use of single-source procurement methods, raising concerns about transparency and corruption.
-
Azerbaijan recorded a 2% increase in wheat imports from January to November 2024 compared to the same period in 2023, underscoring its continued reliance on external sources to meet domestic demand. This growth comes amid a significant decline in domestic wheat production, which decreased by 148,100 tons in 2024, further intensifying the need for imported supplies.
Leave a review