PASHA Holdingis an Azerbaijani conglomerate.[2][3]Its major holdings areKapital Bank(81.08%)[4]and Pasha Bank (71.7498%).[5][6]PASHA Holding is owned by the Aliyev and Pashayev families in Azerbaijan, two of the most powerful families in the country.[7]The company has been embroiled in high-level corruption in Azerbaijan.[2]The company has substantial government contracts across different sectors.[8]
 | |
| Company type | Private company |
|---|---|
| Industry | Financial services |
| Founded | 2006 |
| Headquarters | Baku,Azerbaijan |
Area served | Azerbaijan Turkey Georgia Montenegro |
Key people | Jalal Gasimov, CEO[1] |
| Services |
|
| Total assets |  AZN11.9 billion (2019) |
| Total equity | AZN2.6 billion (2019) |
Number of employees | 8500+ (2019) |
| Website | http:// pasha-holding.az |
The revenue in 2023 was 1.3 billion Euros.[3]It has more than 20,000 employees and total assets of 11 billion Euros.[3]
Pasha Holding was founded byArif Pashayev,the father ofMehriban Aliyeva(née Pashayeva), the first lady of Azerbaijan. The ultimate shareholders of the company are Pashayev and the first daughters of Azerbaijan's authoritarian rulerIlham Aliyev,LeylaandArzu.[9][10]According to news sources, Mehriban Aliyeva is not involved in the business.[3][9]
The company built theFour Seasons hotelinBaku,which involved destroying part of theBaku Fortress Wallof theInner City.[2]
Among other subsidiaries are Pasha Insurance, Pasha Life and many others.[2][11]The company operates in Azerbaijan, Turkey, Montenegro, Uzbekistan and Georgia.[11]Pasha Holding owns a 50% stake in theMandarin OrientalBodrumHotel.[12][13]In 2024, Pasha Construction invested 200 million US$ in building aRitz-Carltonhotel inTashkent,Uzbekistan.[14]In June 2024, Pasha Holding announced a possible IPO in 2025 at the Azerbaijani Stock Exchange, with a possible double listing in Dubai or Turkey.[3]Pasha Holding has been partnering with theBaku International Jazz Festivalfor more than ten years.[15]
The Aliyev regime made PASHA Holding an "official partner" ofCOP29,raising questions by anti-corruption non-profitTransparency International.[16][17]
References
edit- ^"PASHA Holding website".
- ^abcdAltstadt, Audrey L. (2017).Frustrated Democracy in Post-Soviet Azerbaijan.Columbia University Press. pp. 126–127.doi:10.7312/alts70456.ISBN978-0-231-70456-4.JSTOR10.7312/alts70456.
- ^abcde"PASHA Mischkonzern will an die Börse".Focus.2024.
- ^Kapital Bank."About Kapital Bank - Section Shareholders".
- ^KAP Public Disclosure Platform."KAP Public Disclosure Platform Merkezi Kayıt Kuruluşu AŞ".
- ^Turkey, Fortune (3 May 2024)."Pasha Bank, Türkiye'deki Faaliyetlerini Güçlendiriyor | Fortune Turkey"(in Turkish).Retrieved28 May2024.
- ^Ismayilova, Khadija; Radu, Paul (2015)."The Speakers' Corner".OCCRP.
- ^Ray, Don (2015)."Forged in fire: the making of an investigative reporter".OCCRP.
- ^abBabali, Hafiz; Ismayilova, Khadija (24 March 2017)."Nowhere To Be Found: Firms With Official Ties Absent From Key Azerbaijani Registry".Radio Free Europe/Radio Liberty.
- ^Bloss, Dave; Patrucic, Miranda; Ismayilova, Khadija; Azerbaijan, OCCRP (2016)."Azerbaijani Insiders Benefited from Currency Collapse".OCCRP.
- ^abPasha Holdings."Group Structure".
- ^"Azerbaijan's PASHA Holding confirms acquiring stake at Türkiye's largest hotel".Trend.Az.13 January 2023.Retrieved28 May2024.
- ^alice (28 February 2023)."Revealed: Aliyev family's holding bought 50 percent of a luxury hotel in Bodrum".MEYDAN.TV.Retrieved28 May2024.
- ^kunu.uz."Azerbaijan eyes to build a five-star hotel in Tashkent".Kun.uz.Retrieved12 September2024.
- ^"18 YEARS PARTNERS".bakujazzfestival(in Azerbaijani).Retrieved12 September2024.
- ^"'Official Partners' of Azerbaijan's COP29 Climate Summit Linked To Ruling Aliyev Family and Their Inner Circle ".OCCRP.2024.
- ^"COP Co-Opted: How corruption and undue influence threaten multilateral climate action"(PDF).Transparency International.2024.