Ilham Aliyev Admits That Only 5 Percent of the Truth is in the Pandora Papers About Him

President of Azerbaijan Ilham Aliyev has admitted that only 5 percent of the truth can be found in the Pandora Papers about him.

“To be honest, I haven't read what is written in the documents. I have been informed, and there is probably about 5 percent truth in it. The rest is false,” Aliyev said in an interview with the Italian newspaper La Repubblica.

Earlier, The Guardian reported, citing the Pandora Papers, that the Aliyev family has sold nearly £400 million worth of British real estate in recent years, according to AzeSputnik.

For the second day running, the world has been discussing the latest leak of documents, known as the “Pandora Papers.” These involve leaked documents from about 30,000 offshore companies across various countries, relating not only to state leaders but also to businessmen, Hollywood stars, and athletes. Approximately 600 journalists from 117 countries, representing the International Consortium of Investigative Journalists (ICIJ), have examined over 12 million documents. Hetq has also participated in this international project and has published its first investigation.

Ilham Aliyev's name frequently appears in the leaked documents. This doesn't only include Aliyev, but also his close relatives and family members. A brief overview of the investigation conducted with OCCRP regarding properties owned by the Aliyevs in London indicates that the Aliyev family and individuals associated with them have acquired real estate worth nearly $700 million in London.

Aliyev's three children and two associated individuals have used secret offshore companies to acquire luxury penthouses, commercial office spaces, and even a hotel in central London. The properties owned by Aliyev's two daughters, son, brother-in-law, and two close family partners in London are valued at £429 million or $694 million. Furthermore, the investigation revealed that most of these properties were acquired in cash.

Properties owned by the Aliyevs have been hidden behind offshore companies like Sheldrake Six and Fliptag Investments for years. The investigation also uncovered previously unknown 84 offshore companies that have been registered in the British Virgin Islands since 2006 and owned by the Aliyevs and their associates. These companies are interconnected, and the same individual has held various positions within them.

It has been revealed that Ilham Aliyev’s son, Heydar Aliyev, created his first offshore company at the age of 11, while one of his daughters, Arzu, who studied psychology in London, was 19 when she founded her first company. Although some of these companies have been closed in recent years and some properties sold, in 2017 the Aliyevs transferred $191 million worth of real estate to a foundation controlled by Ilham Aliyev’s brother-in-law.

After Ilham Aliyev became president in 2003, his then 19-year-old daughter Arzu became a shareholder in Strahan Holding and Finance, an offshore company with Swiss bank accounts that purchased three apartments in London's Knightsbridge district worth a total of $9.7 million.

For years, journalists have been investigating the connection between the Aliyev family and the oligarchs who have increased their wealth during Ilham Aliyev’s presidency. Two main names have circulated, both of whom were officials in Azerbaijan's tax service: Fazil Mammadov and Ashraf Kamirov, both connected to the first family through the AtaHolding business holding, which encompasses companies offering banking, construction, insurance, and other services. During the Panama Papers leak, it was revealed how Mammadov invited the Aliyev family to join the company’s operations, creating a “powerful business-political partnership” system.

The Pandora Papers have shown that Ashraf Kamirov had closer ties to the Aliyev offshore empire than anyone might have anticipated. His name appears in 35 of the 84 offshore companies, with him and his family members listed as shareholders in 10. In three cases, Kamirov is noted for having acquired a company in the British Virgin Islands, accumulating valuable real estate, and transferring it to the Aliyev family.

A significant role in the Aliyev offshore empire has also been played by another former official from the same ministry, Gafar Gurbanov, who held the position of president of AtaHolding. Moreover, he has served as director for most of the interconnected offshore 84 companies. Although the nature of their activities remains largely unknown, documents from the management company Trident Trust reveal that these offshore organizations were established to maintain bank accounts in Switzerland and the Czech Republic. Others are declared as investment or trading companies, some of which have also operated in Azerbaijan.

Document analysis has also clarified that the most expensive property owned by the Aliyev family is valued at $58.8 million. This commercial development site is located on Conduit Street in London, acquired by Ashraf Kamirov and transferred to Aliyev’s daughter, Arzu Aliyeva, when she was 22 years old.

The latest documents related to the Aliyev offshore empire in the Pandora Papers are dated from 2018. There may be further revelations in possible future leaks that come into the hands of investigative journalists.