Offshore history of Rovnag Abdullayev
Until February 2022 Rovnag Abdullayev He used to lead the Azerbaijani state oil company SOCAR and earned a small official salary. However, his 25-year-old son Rashad managed to purchase a super pricey apartment in Grosvenor Square, London.
For the first time, journalists from OCCRP discovered a luxurious property owned by a relative of Rovnag Abdullayev, the former president of the State Oil Company of the Republic of Azerbaijan (SOCAR).
The large state-owned company led by Abdullayev until last year has been criticized for its lack of transparency and for enriching Azerbaijani elites, including possibly the relatives of the former company president.
Rovnag Abdullayev, who is now the deputy economy minister of Azerbaijan, has no known sources of income other than his official salary.
Although his 28-year-old son Rashad owns an upscale apartment at 20 Grosvenor Square in London, there is no information about how he funded the purchase.
This multi-story building was formerly used by the US Navy and General Dwight Eisenhower, who led the Allied Forces Headquarters during World War II. In 2014, it was transformed into a luxury residential building, which includes a wine cellar with a sommelier and a 25-meter swimming pool. Residents receive 24/7 service from the Four Seasons hotel chain.
Last March, The Telegraph reported that well-known foreign businessmen, such as Russian billionaire Dmitry Rybolovlev, purchased apartments there. The apartments are owned by a company registered in the Isle of Guernsey with a closed list of beneficiaries.
Last year, the UK passed the Economic Crime (Transparency and Enforcement) Act, which mandated all foreign companies with property in the country to disclose beneficiary information by the end of January 2023.
A company based in Guernsey, Mount Street Investments PCC, submitted a disclosure just over a week ago. According to the documents, Rashad Abdullayev became its owner in June 2019. According to the UK Land Registry, Mount Street Investments acquired the London flat in December of that year.
It is unclear how the apartment in Grosvenor Square was financed. Rashad Abdullayev did not respond to requests for comment. His father, Rovnag Abdullayev, mentioned in a letter to journalists that he did not make any payments for his son’s apartment and was not aware of the origin of the funds used for the purchase.
Based on SOCAR’s annual reports, the president and around a dozen vice-presidents earn less than $800,000 in salary and bonuses annually, so it seems unlikely that the London real estate could have been bought solely with Abdullayev Sr.’s official income.
As per Rashad’s LinkedIn profile (which is currently unavailable), he started working at SOCAR Trading, the marketing and development division of SOCAR, when he was 16, specializing in trade and business development. Rovnag Abdullayev disputed the information on his son’s LinkedIn page, claiming Rashad did not work for SOCAR Trading but was an intern at a different company linked to SOCAR.
Just three years later, while living in Turkey, Rashad established a real estate investment and management company, along with offering consulting services. He also owned a restaurant in Bodrum for several years and was a co-owner of a chain of gas stations in Georgia.
His current activities and earnings are unknown.
Groups advocating transparency have accused SOCAR, which controls most of Azerbaijan’s oil wealth, of extreme secrecy and financial dealings with non-public individuals. OCCRP previously reported on efforts by two state-owned company subsidiaries to withdraw $1.7 billion from a major gas project, as well as potential insider enrichment schemes involving father-in-law Rovnag Abdullayev.
At the time his company acquired the Grosvenor Square apartment, Rashad Abdullayev, then 25, experienced an incident in Ibiza that shed light on his family’s substantial wealth. A $1.35 million wristwatch was reportedly stolen from Rashad, though a SOCAR spokesman denied this. It seems Abdullaev may have wanted to conceal his ownership of the expensive watch, as OCCRP obtained a modified police report indicating that the watch did not belong to Rashad.
Some reports claim that Abdullayev was spotted in London driving a rare Mercedes model valued at over $300,000.
Last year, President Aliyev of Azerbaijan removed Abdullayev Sr. from the head of SOCAR and assigned him a less influential role as deputy minister of economy. In April, Aliyev delivered a speech praising “active reforms” and “new management” aimed at making SOCAR a “transparent international energy company,” possibly suggesting his awareness of corruption within the state oil company. Ilham Aliyev removed Abdullayev Sr. from the post of head of SOCAR and gave him a less influential post – deputy minister of economy. In April, Aliyev gave a speech and praised “active reforms” and “new management” that would help SOCAR become a “transparent international energy company,” perhaps hinting that he was aware 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.
