Ramin Isayev
Azerbaijani businessman

Ramin Isayev (also known as Ramin Ali Hakan) is an Azerbaijani businessman and former executive. He served as the founding General Director of SOCAR AQS from 2008 to 2020. In 2023, he was arrested for financial crime charges and, in September 2025, was convicted of large-scale embezzlement and related offenses of over $32M USD, receiving a 14-year prison sentence from the Baku Court of Grave Crimes.[1]

Early life and education

Public information about Isayev's early life is limited. He has stated on his LinkedIn profile that he graduated from Baku State University with a Master of Science degree in physical sciences in 1994.[2] He also attended various executive education programs. Some media outlets reported that he completed an executive MBA program at the Massachusetts Institute of Technology (MIT). In January 2025, a spokesperson for MIT confirmed that the institute had revoked a degree previously granted to Isayev, citing academic integrity issues.[3]

Career

Isayev worked as an economist at Azerbaijan's Ministry of Finance until 1998.[4] He later moved into the private sector, including roles in the energy industry such as at BP/Statoil's gas project in Azerbaijan and at KCA Deutag, an international oil drilling company.[5]

In 2008, he became the founding General Director of SOCAR AQS, a joint venture between the State Oil Company of Azerbaijan Republic (SOCAR) and international partners. During his tenure, the company expanded drilling operations and entered into new partnerships.[5] He served in the role until 2020.

In 2017, Isayev was awarded the Taraggi Medal ("Progress Medal") by presidential decree in recognition of his activities in the oil industry.[6]

In July 2023, Azerbaijani media reported that Isayev had been arrested on suspicion of embezzling 16 million manats (US$9.4 million) during his leadership at SOCAR AQS.[7]

On 16 September 2025, the Baku Court of Grave Crimes convicted Isayev of embezzlement, money laundering, abuse of office, and fraud, sentencing him to 14 years in prison. The court found that he had diverted more than 54 million manats (US$31.7 million) for personal use. His assets, including real estate and large cash holdings, were confiscated.[1][8]

Prosecutors alleged that Isayev placed relatives and associates in high-paid posts, created companies that later won state tenders, laundered funds through property purchases in Turkey (where he obtained citizenship under the name Ramin Ali Hakan), and misused loans from the International Bank of Azerbaijan.[9] They also accused him of organizing cyberattacks against SOCAR AQS.[5]

Although he denied wrongdoing and claimed his family's wealth came from prior business activities, the court upheld the prosecution's case. The ruling was described by local outlets as one of the most significant corruption cases involving a corporate executive in Azerbaijan.[10]

Impact on the oil sector

Isayev's conviction was widely covered by local and international media and cited by analysts as highlighting systemic weaknesses in Azerbaijan's energy industry. The case reinforced calls for stricter oversight of state-affiliated enterprises and greater transparency in executive management. SOCAR AQS has since introduced reforms aimed at preventing similar misconduct.[11]

Personal life

Isayev is reportedly single and has no children. He practices Islam and has described himself as an economist with an interest in sports.[12]

See also

References

  1. ^ a b "Azerbaijan Jails Ex-Oil Executive for $32m Embezzlement". OCCRP. September 2025. Retrieved 18 September 2025.
  2. ^ "LinkedIn Profile". Retrieved 18 September 2025.
  3. ^ "Disgrace at MIT: Ramin Isayev's MBA Revoked Amidst Widespread Misconduct". Corruption in the Caucasus. 3 April 2025. Retrieved 18 September 2025.
  4. ^ "Ramin Isayev (Ramin Ali Hakan) Arrested in Connection with "International Bank Case"". Caspian News. Retrieved 18 September 2025.
  5. ^ a b c "Ramin İsayevin qanunsuz əməlləri haqqında — İlginc faktlar". Qafqazinfo (in Azerbaijani). 2 August 2024. Retrieved 18 September 2025.
  6. ^ "Azərbaycan Respublikasının neft sənayesi işçilərinin təltif edilməsi haqqında Azərbaycan Respublikası Prezidentinin Sərəncamı". president.az (in Azerbaijani). Retrieved 18 September 2025.
  7. ^ "Baku Court of Appeal Upholds Decision to Keep Ramin Isayev in Custody". FED.az (in Azerbaijani). 19 July 2023. Retrieved 18 September 2025.
  8. ^ "Former SOCAR AQS Director Sentenced for Embezzlement and Fraud". RFE/RL Azerbaijani Service. September 2025. Retrieved 18 September 2025.
  9. ^ "Ramin Isayev's Arrest and the Larger Message for Azerbaijan's Oil Sector". GISUser. 2023. Retrieved 18 September 2025.
  10. ^ Cite error: The named reference OCCRP2 was invoked but never defined (see the help page).
  11. ^ "Ramin Isayev's Arrest and the Larger Message for Azerbaijan's Oil Sector". GISUser. 2023. Retrieved 18 September 2025.
  12. ^ "Ramin Isayev public profile". Retrieved 18 September 2025.
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