Rashad, the son of the former head of the Azerbaijani SOCAR, bought an apartment in London for £17.3 million.
Until February 2022, Rovnag Abdullayev was in charge of the Azerbaijani state oil company SOCAR, earning a modest official salary. Meanwhile, his 25-year-old son Rashad purchased a very expensive apartment in Grosvenor Square in London.
OCCRP journalists have discovered luxury real estate owned by a family member of Rovnag Abdullayev, the former president of the State Oil Company of the Republic of Azerbaijan (SOCAR).
Ravnag Abdullayev
Abdullayev led a state-owned enterprise criticized for its lack of transparency and for benefiting Azerbaijani elites, potentially including relatives of the company’s ex-president.
Rovnag Abdullayev, Azerbaijan’s current deputy economy minister, has no known sources of income aside from his official salary.
However, corporate documents reveal that his 28-year-old son Rashad owns an elite apartment at 20 Grosvenor Square, a well-known building in one of London's most expensive areas. He bought the property in 2019 for £17.3 million ($22.4 million) through an offshore company.
20 Grosvenor Square, London
This multi-story building was formerly used by the US Navy and General Dwight Eisenhower, leader of the Allied Forces Headquarters during World War II. It was transformed into a luxury residential building in 2014, featuring amenities like a wine cellar with a sommelier and a 25-meter swimming pool. Residents are served around the clock by the Four Seasons hotel chain.
“This building was the headquarters of Allied Army General Dwight Eisenhower.”
As reported by The Telegraph last March, foreign businessmen such as Russian billionaire Dmitry Rybolovlev purchased apartments there. Only recently has it been revealed that Rashad Abdullayev is the owner of a four-bedroom apartment on the third floor. It is held by a company registered on the Island of Guernsey with a closed register of beneficiaries.
Last year, the UK passed the Economic Crime (Transparency and Enforcement) Act, mandating that all foreign companies with real estate in the country disclose information about the beneficiaries by the end of January 2023.
Mount Street Investments PCC, a Guernsey-based firm, submitted a return just over a week ago, indicating that Rashad Abdullayev became its owner in June 2019. According to the UK Land Registry, Mount Street Investments purchased the London flat in December of that year.
“As a result of the new transparency regulations, it has become apparent that politically connected foreigners own a significant amount of real estate in the UK through offshore companies,” said Ben Cowdock, senior research expert at Transparency International's UK branch. “If the value of an asset significantly exceeds the known income of the owner, especially if it is at high risk of corruption, then the authorities should investigate.”
Rashad Abdullayev
It isn't known how they purchased an apartment in Grosvenor Square. Rashad Abdullayev didn't respond to requests for comment. His father, Rovnag Abdullayev, mentioned in a letter to journalists that he didn't make any payments for his son's apartment and didn't know where the money came from to buy it.
He stated that even if Rashad Abdullayev bought the apartment, he believes that no illegal transactions were made and all the required documents comply with the law.
Based on SOCAR's annual reports, the president and around twelve vice-presidents earn less than $800,000 in salary and bonuses annually, so it's unlikely that the London property was bought solely with Abdullayev Sr.'s official earnings.
According to Rashad’s LinkedIn profile (currently unavailable), he started working at SOCAR Trading, SOCAR’s marketing and development division, at 16 as a specialist in trade and business development. Rovnag Abdullayev disputed the information from his son’s LinkedIn page, saying Rashad didn't work for SOCAR Trading but was an intern at another company connected to SOCAR.
After three years and while living in Turkey, Rashad established a real estate investment and management company, along with providing consulting services. He also owned a restaurant in Bodrum for several years and was a co-owner of a network of gas stations in Georgia.
His current activities and earnings are unknown.
Public activists have criticized SOCAR for its lack of transparency and financial connections with non-public individuals. OCCRP previously reported on efforts by two of the company’s subsidiaries to withdraw $1.7 billion from a major gas project, as well as likely schemes to enrich insiders, including Rovnag Abdullayev’s father-in-law.
Gubad Ibadoglu, an Azerbaijani economist at the London School of Economics, stated that SOCAR is the primary corrupt state company in Azerbaijan, lacking transparency in its financial reporting.
At the same time his company acquired the Grosvenor Square apartment, Rashad Abdullayev, then 25, experienced an incident that revealed his family’s considerable wealth. A $1.35 million wristwatch was reportedly stolen from Rashad in Ibiza, although a SOCAR spokesman denied this. It seems that Abdullaev wanted to conceal his ownership of the expensive watch: OCCRP obtained a police report indicating that the watch did not belong to Rashad.
Some reports suggest that Abdullayev was spotted in London driving a rare Mercedes model valued at over $300,000.
Last year, Azerbaijani President Ilham Aliyev removed Abdullayev Sr. from the top position at SOCAR and gave him a less influential role as deputy minister of economy. In a speech in April, Aliyev praised “active reforms” and “new management” that would help SOCAR become a “transparent international energy company,” potentially implying awareness of corruption at the state oil company.
When asked about alleged corruption in SOCAR, Rovnag Abdullayev answered reporters as follows: “I have no information and no interest in connection with the assumptions from your letter. The accusations against me are not true.”
The concierge service at Grosvenor Square confirmed that Rashad Abdullayev had an apartment there and promised to deliver the letter to his assistant.
Finchatton, the company that renovated the building, did not respond to requests for comment.
