According to the legal documents of the company Mossack Fonseca, which diverted received journalists of the International consortium of investigative journalists (ICIJ) and the Centre for the investigation of corruption and organized crime (OCCRP), daughter of Ilham Aliyev, control 56% of the consortium of six gold mining companies. In 2006 the Azerbaijani authorities (the President was already Aliyev) signed a secret agreement, under which 70% of the profits from owned by the daughters of the President of the companies went to them, and only 30% by the state, follows from the materials.
According to the documents, in 2006 the President of Azerbaijan has transferred the management of six gold deposits worth billions of dollars one company in the UK (Globex International LLP), and three in offshore — Londex Resources S. A., Willy & Meyris S. A., Fargate Mining Corporation and. These four firms are the owners of the Azerbaijan international company for mineral resources (AIMROC), the creation of which was announced in the same year. Then the Azerbaijani authorities presented it as a joint British-Panamanian-Japanese enterprise, but, according to the journalism consortium, the company, the co-founders can be considered a dummy, and Japanese participation is limited — company Mitsui Mineral Development Engineering Co. Ltd is the controller of the project and has no ownership rights.
In 2012 Radio Free Europe and OCCRP investigation claimed that Aliyev’s daughters are at Globex International LLP (the company holds 11% in gold mining consortium). Now, however, it became clear that the Aliyev daughters owned a much larger proportion than previously reported.
According to documents Mossack Fonseca, Arzu and Leyla Aliyevs also control the Panama company Londex Resourses S. A., in which the consortium has a share of 45%. Thus, the share of family Aliyev’s second largest gold mining company in the country is 56%. Another company, Fargate Mining Corporation, controlled by familiar Aliyev Nasiba Khasanov. Official representative of the President of Azerbaijan refused to comment, according to radio “Azattyk”.
Activity data Londex Resources indicate that the start of gold production in 2013, near the Azerbaijani village of Chovdar, the company spent $230 million the Company produced gold at $30 million, after which production was suspended. As noted in the publication on the website OCCRP, since the employees don’t get paid, but continue to be employed by the company that, according to Azerbaijani laws, deprives them of the opportunity to be employed elsewhere. According to the Ministry of environment of Azerbaijan, who is quoted by radio “Azattyk”, the explored reserves of the deposits amount to 44 tons of gold and 164 tons of silver, valued at about $2.5 billion.
According to research conducted in 2013, ICIJ reported that Aliyev and his spouse Mehriban in 2003 acquired a company Rosamund International Ltd. in the jurisdiction of the British virgin Islands. Thus, Aliyev allegedly broke the law, because its status as a parliamentarian, then President forbade him to do business. In addition, the President’s daughters Arzu and Leyla in 2008 became the owner of three offshore companies in the British virgin Islands (Arbor Investments, LaBelleza Holdings Limited and Harvard Management Limited).