Jahangir Hajiyev

Jahangir Fevzi oglu Hajiyev (Azerbaijani: Cahangir Fevzi oğlu Hacıyev, [dʒɑhɑŋɟir fɛvzi ɔɣlu hɑdʒəjɪf]; born 26 October 1961) is an Azerbaijani convicted fraudster and former banker. He was the chairman of the International Bank of Azerbaijan from 2001 until he resigned in March 2015 citing health concerns. On 14 October 2016, the Baku Court for Grave Crimes sentenced Hajiyev to 15 years on charges of fraud, embezzlement, and missappropriation of public funds.[1]

Jahangir Hajiyev
Born (1961-10-26) 26 October 1961
Education
OccupationCivil Servant
  • Ministry of Foreign Economic Relations of Azerbaijan, 1993-1995
  • Chairman of the International Bank of Azerbaijan, 1995-2015
Civic
Spouse(s)Zamira Hajiyeva

Education

Hajiyev attended Azerbaijan State University and graduated in 1986.[1] In 1993, he earned an MBA at the University of Texas at Austin, and was awarded a Ph.D. in International Economics from the Institute of Economics, Russian Academy of Sciences in 2005.[2]

Career

Hajiyev worked in the Ministry of Foreign Economic Relations of Azerbaijan from 1993 to 1995.

He joined the International Bank of Azerbaijan in 1995. In an interview with the Azerbaijan Press Agency (APA) Hajiyev noted that the optimal number of banks in Azerbaijan must be 20 and said "I always supported market regulation. The banks that want to increase authorized capital will do that, because this is important for banks which need high positions".[3]

Criminal charges

Jahangir Hajiyev, along with 7 other persons, was accused of embezzling public funds amounting to 211.59 million AZN (125 million euros)[4] under articles #178.3.2 and 179.1 of the Azerbaijan's Criminal Code. On December 5, 2015, an Azerbaijani court detained Jahangir Hajiyev for crimes of fraud and misappropriation of public funds.[5] He faced charges under Articles 179.3.1 and 179.3.2 (misappropriation of a large amount of money by an organised group), 308.2 (abuse of official powers resulting in serious consequences), 309.2 (exceeding officials powers resulting in serious consequences), 313 (service forgery), and 228.1 and 228.4 (illegal acquisition, transfer, selling, storage, transportation or carrying of a weapon, its accessories, ammunition or explosives) of the Criminal Code of Azerbaijan.

On October 14, 2016, a Baku court sentenced former chairman of the board of the International Bank of Azerbaijan (IBA) Jahangir Hajiyev to 15 years imprisonment for grave crimes.[6] Additionally, the Court decided that Mr Hajiyev had to pay 63 million AZN (to Azerbaijan International Bank and 7 million AZN to Agro-credit CJSC.[7] According to the findings of the Court, as a result of Jahangir Hajiyev’s criminal activity of money laundering more than 9 billion dollars were laundered from the financial turnover of Azerbaijan.

This is considered to be one of the factors that caused a drop in macroeconomic indicators of the country, since the laundered amount makes up approximately 25% of Azerbaijan's average GDP for 2016/2017[8]. Reportedly, after being allocated by the bank, money was almost completely laundered and transferred abroad to the personal accounts of Hajiyev, his relatives and counterparts.

According to the facts of the case, the most frequently used scheme was issuing of non-refundable loans for fictional expenses or fictional income projects. For the laundering scheme shell companies were established both in Azerbaijan and abroad (mainly in offshore jurisdictions). And as security for loans fictional pledges (bills of exchange, guarantees) were presented[9]. Hajiyev and his lawyers declined all the crime charges and indicated that all bank loans were given under the permission of Central Bank and Ministry of Finance.

Personal life

Hajiyev is married to Zamira Hajiyeva, the first person to receive an Unexplained Wealth Order, under a new UK anti-corruption law.[10]

References
  1. "Jahangir Hajiyev". United States - Azerbaijan Chamber of Commerce. Washington, D.C.: USACC. Archived from the original on 16 December 2014. Retrieved 28 March 2014.
  2. "Jahangir Hajiyev". World Economic Forum. Geneva, Switzerland: World Economic Forum. Retrieved 28 March 2014.
  3. "Jahangir Hajiyev: Azerbaijan must have 20 banks as an optimal degree". APA. 16 November 2012. Retrieved 28 March 2014.
  4. "Ex-head of Azerbaijan's largest bank embezzled €125mn, finds investigation". Retrieved 2017-09-26.
  5. IBA former head jailed for three months - UPDATED
  6. http://www.interfax.com/newsinf.asp?pg=2&id=708549%7C Ex-chairman of Azerbaijan's largest bank sentenced to 15 yrs' imprisonment
  7. "IRFS | Former Head of International Bank Jahangir Hajiyev sentenced to 15 Years in Jail". www.irfs.org. Retrieved 2017-09-26.
  8. "Один Джаник отмыл целый бюджет Азербайджана - Hominem te memento!". Retrieved 2017-09-27.
  9. "Гаджиев, он же Джаник – анатомия мошенничества - куда ушли миллиарды?". Retrieved 2017-09-27.
  10. Casciani, Dominic (10 October 2018). "Woman who spent £16m in Harrods revealed". BBC News. Retrieved 10 October 2018 – via www.bbc.co.uk.
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