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'''PASHA Holding''' is an Azerbaijani conglomerate.<ref name=":0">{{Cite book |last=Altstadt |first=Audrey L. |url=https://www.jstor.org/stable/10.7312/alts70456 |title=Frustrated Democracy in Post-Soviet Azerbaijan |date=2017 |publisher=Columbia University Press |isbn=978-0-231-70456-4 |pages=126–127 |doi=10.7312/alts70456|jstor=10.7312/alts70456 }}</ref><ref name=":2">{{Cite news |date=2024 |title=PASHA Mischkonzern will an die Börse |url=https://www.focus.de/magazin/archiv/pasha-mischkonzern-will-an-die-boerse_id_260059569.html |work=Focus}}</ref> Its major holdings are [[Kapital Bank]] (81.08%)<ref>{{Cite web |last=Kapital Bank |date= |title=About Kapital Bank - Section Shareholders |url=https://www.kapitalbank.az/en/about |access-date= |website=}}</ref> and Pasha Bank (71.7498%).<ref>{{Cite web |last=KAP Public Disclosure Platform |title=KAP Public Disclosure Platform Merkezi Kayıt Kuruluşu AŞ. |url=https://www.kap.org.tr/en/sirket-bilgileri/genel/4028e4a14184e9c9014192aa6c1c1e03}}</ref><ref>{{Cite web |last=Turkey |first=Fortune |date=2024-05-03 |title=Pasha Bank, Türkiye'deki Faaliyetlerini Güçlendiriyor {{!}} Fortune Turkey |url=https://www.fortuneturkey.com/turkiyedeki-faaliyetlerini-gelistiriyor |access-date=2024-05-28 |language=tr}}</ref> PASHA Holding is owned by the Aliyev and Pashayev families in Azerbaijan, two of the most powerful families in the country.<ref>{{Cite web |last=Ismayilova |first=Khadija |last2=Radu |first2=Paul |date=2015 |title=The Speakers' Corner |url=https://www.occrp.org/en/project/corruptistan-azerbaijan/the-speakers-corner |website=OCCRP |language=en}}</ref> The company has been embroiled in high-level corruption in Azerbaijan.<ref name=":0" /> The company has substantial government contracts across different sectors.<ref>{{Cite web |last=Ray |first=Don |date=2015 |title=Forged in fire: the making of an investigative reporter |url=https://www.occrp.org/en/project/corruptistan-azerbaijan/forged-in-fire-the-making-of-an-investigative-reporter |website=OCCRP |language=en}}</ref>
'''PASHA Holding''' is an Azerbaijani conglomerate.<ref name=":0">{{Cite book |last=Altstadt |first=Audrey L. |url=https://www.jstor.org/stable/10.7312/alts70456 |title=Frustrated Democracy in Post-Soviet Azerbaijan |date=2017 |publisher=Columbia University Press |isbn=978-0-231-70456-4 |pages=126–127 |doi=10.7312/alts70456|jstor=10.7312/alts70456 }}</ref><ref name=":2">{{Cite news |date=2024 |title=PASHA Mischkonzern will an die Börse |url=https://www.focus.de/magazin/archiv/pasha-mischkonzern-will-an-die-boerse_id_260059569.html |work=Focus}}</ref> Its major holdings are [[Kapital Bank]] (81.08%)<ref>{{Cite web |last=Kapital Bank |date= |title=About Kapital Bank - Section Shareholders |url=https://www.kapitalbank.az/en/about |access-date= |website=}}</ref> and Pasha Bank (71.7498%).<ref>{{Cite web |last=KAP Public Disclosure Platform |title=KAP Public Disclosure Platform Merkezi Kayıt Kuruluşu AŞ. |url=https://www.kap.org.tr/en/sirket-bilgileri/genel/4028e4a14184e9c9014192aa6c1c1e03}}</ref><ref>{{Cite web |last=Turkey |first=Fortune |date=2024-05-03 |title=Pasha Bank, Türkiye'deki Faaliyetlerini Güçlendiriyor {{!}} Fortune Turkey |url=https://www.fortuneturkey.com/turkiyedeki-faaliyetlerini-gelistiriyor |access-date=2024-05-28 |language=tr}}</ref> PASHA Holding is owned by the Aliyev and Pashayev families in Azerbaijan, two of the most powerful families in the country, making Pasha Holding one of the most powerful companies in the country.<ref>{{Cite web |last=Stöber |first=Silvia |title=Aserbaidschan nach dem Öl-Boom: Modern und autoritär |url=https://www.tagesschau.de/ausland/aserbaidschan-modernisierung-101.html |access-date=2024-12-19 |website=tagesschau.de |language=de}}</ref><ref>{{Cite web |last=Ismayilova |first=Khadija |last2=Radu |first2=Paul |date=2015 |title=The Speakers' Corner |url=https://www.occrp.org/en/project/corruptistan-azerbaijan/the-speakers-corner |website=OCCRP |language=en}}</ref> The company has substantial government contracts across different sectors.<ref>{{Cite web |last=Ray |first=Don |date=2015 |title=Forged in fire: the making of an investigative reporter |url=https://www.occrp.org/en/project/corruptistan-azerbaijan/forged-in-fire-the-making-of-an-investigative-reporter |website=OCCRP |language=en}}</ref> The revenue in 2023 was 1.3 billion Euros.<ref name=":2" /> It has more than 20,000 employees and total assets of 11 billion Euros.<ref name=":2" />


Pasha Holding was founded by [[Arif Pashayev]], the father of [[Mehriban Aliyeva]] (née Pashayeva), the first lady of Azerbaijan.
The revenue in 2023 was 1.3 billion Euros.<ref name=":2" /> It has more than 20,000 employees and total assets of 11 billion Euros.<ref name=":2" />


== Fields of Business ==
⚫
Pasha Holding was founded by [[Arif Pashayev]], the father of [[Mehriban Aliyeva]] (née Pashayeva), the first lady of Azerbaijan. The ultimate shareholders of the company are Pashayev and the first daughters of Azerbaijan's authoritarian ruler [[Ilham Aliyev]], [[Leyla Aliyeva|Leyla]] and [[Arzu Aliyeva|Arzu]].<ref name=":3" /><ref>{{Cite web |last=Bloss |first=Dave |last2=Patrucic |first2=Miranda |last3=Ismayilova |first3=Khadija |last4=Azerbaijan |first4=OCCRP |date=2016 |title=Azerbaijani Insiders Benefited from Currency Collapse |url=https://www.occrp.org/en/project/corruptistan-azerbaijan/azerbaijani-insiders-benefited-from-currency-collapse |website=OCCRP |language=en}}</ref> According to news sources, Mehriban Aliyeva is not involved in the business.<ref name=":2" /><ref name=":3">{{Cite news |last1=Babali |first1=Hafiz |last2=Ismayilova |first2=Khadija |date=2017-03-24 |title=Nowhere To Be Found: Firms With Official Ties Absent From Key Azerbaijani Registry |url=https://www.rferl.org/a/azerbaijan-ilham-aliyev-firms-with-official-ties-absent-tax-registry/28388581.html |work=Radio Free Europe/Radio Liberty |language=en}}</ref>
⚫
Among other subsidiaries are Pasha Insurance, Pasha Life and many others.<ref name=":0" /><ref name=":1">{{Cite web |last=Pasha Holdings |title=Group Structure |url=https://pasha-holding.az/en/about-us/group-structure/}}</ref> The company operates in Azerbaijan, Turkey, Montenegro, Uzbekistan and Georgia.<ref name=":1" /> Pasha Holding owns a 50% stake in the [[Mandarin Oriental Hotel Group|Mandarin Oriental]] [[Bodrum]] Hotel.<ref>{{Cite web |date=2023-01-13 |title=Azerbaijan's PASHA Holding confirms acquiring stake at Türkiye's largest hotel |url=https://en.trend.az/business/3694742.html |access-date=2024-05-28 |website=Trend.Az |language=en}}</ref><ref>{{Cite web |last=alice |date=2023-02-28 |title=Revealed: Aliyev family's holding bought 50 percent of a luxury hotel in Bodrum |url=https://www.meydan.tv/en/article/revealed-aliyev-familys-holding-bought-50-percent-of-a-luxury-hotel-in-bodrum/ |access-date=2024-05-28 |website=MEYDAN.TV |language=en-US}}</ref> In 2024, Pasha Construction invested 200 million US$ in building a [[The Ritz-Carlton Hotel Company|Ritz-Carlton]] hotel in [[Tashkent]], Uzbekistan.<ref>{{Cite web |last=kunu.uz |title=Azerbaijan eyes to build a five-star hotel in Tashkent |url=https://kun.uz/en/news/2024/05/22/azerbaijan-eyes-to-build-a-five-star-hotel-in-tashkent |access-date=2024-09-12 |website=Kun.uz |language=en}}</ref> 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.<ref name=":2" />


== Structure and Controversies ==
⚫
The company built the [[Four Seasons Hotels and Resorts|Four Seasons hotel]] in [[Baku]], which involved destroying part of the [[Baku Fortress Wall]] of the [[Old City (Baku)|Inner City]].<ref name=":0" />
⚫
The company has been embroiled in high-level corruption in Azerbaijan.<ref name=":0" /> The ultimate shareholders of the company are Pashayev and the first daughters of Azerbaijan's authoritarian ruler [[Ilham Aliyev]], [[Leyla Aliyeva|Leyla]] and [[Arzu Aliyeva|Arzu]].<ref name=":3">{{Cite news |last1=Babali |first1=Hafiz |last2=Ismayilova |first2=Khadija |date=2017-03-24 |title=Nowhere To Be Found: Firms With Official Ties Absent From Key Azerbaijani Registry |url=https://www.rferl.org/a/azerbaijan-ilham-aliyev-firms-with-official-ties-absent-tax-registry/28388581.html |work=Radio Free Europe/Radio Liberty |language=en}}</ref><ref>{{Cite web |last=Bloss |first=Dave |last2=Patrucic |first2=Miranda |last3=Ismayilova |first3=Khadija |last4=Azerbaijan |first4=OCCRP |date=2016 |title=Azerbaijani Insiders Benefited from Currency Collapse |url=https://www.occrp.org/en/project/corruptistan-azerbaijan/azerbaijani-insiders-benefited-from-currency-collapse |website=OCCRP |language=en}}</ref> According to news sources, Mehriban Aliyeva is not involved in the business.<ref name=":2" /><ref name=":3" />


⚫
The company built the [[Four Seasons Hotels and Resorts|Four Seasons hotel]] in [[Baku]], which involved destroying part of the [[Baku Fortress Wall]] of the [[Old City (Baku)|Inner City]].<ref name=":0" />
⚫
Among other subsidiaries are Pasha Insurance, Pasha Life and many others.<ref name=":0" /><ref name=":1">{{Cite web |last=Pasha Holdings |title=Group Structure |url=https://pasha-holding.az/en/about-us/group-structure/}}</ref> The company operates in Azerbaijan, Turkey, Montenegro, Uzbekistan and Georgia.<ref name=":1" /> Pasha Holding owns a 50% stake in the [[Mandarin Oriental Hotel Group|Mandarin Oriental]] [[Bodrum]] Hotel.<ref>{{Cite web |date=2023-01-13 |title=Azerbaijan's PASHA Holding confirms acquiring stake at Türkiye's largest hotel |url=https://en.trend.az/business/3694742.html |access-date=2024-05-28 |website=Trend.Az |language=en}}</ref><ref>{{Cite web |last=alice |date=2023-02-28 |title=Revealed: Aliyev family's holding bought 50 percent of a luxury hotel in Bodrum |url=https://www.meydan.tv/en/article/revealed-aliyev-familys-holding-bought-50-percent-of-a-luxury-hotel-in-bodrum/ |access-date=2024-05-28 |website=MEYDAN.TV |language=en-US}}</ref> In 2024, Pasha Construction invested 200 million US$ in building a [[The Ritz-Carlton Hotel Company|Ritz-Carlton]] hotel in [[Tashkent]], Uzbekistan.<ref>{{Cite web |last=kunu.uz |title=Azerbaijan eyes to build a five-star hotel in Tashkent |url=https://kun.uz/en/news/2024/05/22/azerbaijan-eyes-to-build-a-five-star-hotel-in-tashkent |access-date=2024-09-12 |website=Kun.uz |language=en}}</ref> 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.<ref name=":2" /> Pasha Holding has been partnering with the [[Baku International Jazz Festival]] for more than ten years.<ref>{{Cite web |title=18 YEARS PARTNERS |url=https://www.bakujazzfestival.com/10-years-partner |access-date=2024-09-12 |website=bakujazzfestival |language=az}}</ref>


== Partnerships ==
⚫
The Aliyev regime made PASHA Holding an "official partner" of [[2024 United Nations Climate Change Conference|COP29]], raising questions by anti-corruption non-profit [[Transparency International]].<ref>{{Cite news |date=2024 |title=‘Official Partners’ of Azerbaijan’s COP29 Climate Summit Linked To Ruling Aliyev Family and Their Inner Circle |url=https://www.occrp.org/en/project/know-your-host/official-partners-of-azerbaijans-cop29-climate-summit-linked-to-ruling-aliyev-family-and-their-inner-circle |work=OCCRP}}</ref><ref>{{Cite web |date=2024 |title=COP Co-Opted: How corruption and undue influence threaten multilateral climate action |url=https://acdatacollective.org/wp-content/uploads/2024/10/COP-Co-Opted-How-Corruption-and-Undue-Influence-Threaten-Multilateral-Climate-Action_FIN.pdf |website=Transparency International}}</ref>
Pasha Holding has been partnering with the [[Baku International Jazz Festival]] for more than ten years.<ref>{{Cite web |title=18 YEARS PARTNERS |url=https://www.bakujazzfestival.com/10-years-partner |access-date=2024-09-12 |website=bakujazzfestival |language=az}}</ref>

⚫
Critics like [[Transparency International]] have pointed out that Pasha Holding, a [[2024 United Nations Climate Change Conference|COP 29]] "official partner", has close ties to the Aliyev family.<ref>{{Cite news |date=2024 |title=‘Official Partners’ of Azerbaijan’s COP29 Climate Summit Linked To Ruling Aliyev Family and Their Inner Circle |url=https://www.occrp.org/en/project/know-your-host/official-partners-of-azerbaijans-cop29-climate-summit-linked-to-ruling-aliyev-family-and-their-inner-circle |work=OCCRP}}</ref><ref>{{Cite web |date=2024 |title=COP Co-Opted: How corruption and undue influence threaten multilateral climate action |url=https://acdatacollective.org/wp-content/uploads/2024/10/COP-Co-Opted-How-Corruption-and-Undue-Influence-Threaten-Multilateral-Climate-Action_FIN.pdf |website=Transparency International}}</ref>


==References==
==References==

Revision as of 12:58, 19 December 2024

PASHA Holding LLC
Company typePrivate company
IndustryFinancial services
Founded2006
HeadquartersBaku, Azerbaijan
Area served
Azerbaijan
Turkey
Georgia
Montenegro
Key people
Jalal Gasimov, CEO[1]
Services
Total assetsIncrease AZN 11.9 billion (2019)
Total equityIncrease AZN 2.6 billion (2019)
Number of employees
8500+ (2019)
Websitehttp://www.pasha-holding.az

PASHA Holding is an Azerbaijani conglomerate.[2][3] Its major holdings are Kapital 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, making Pasha Holding one of the most powerful companies in the country.[7][8] The company has substantial government contracts across different sectors.[9] 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 by Arif Pashayev, the father of Mehriban Aliyeva (née Pashayeva), the first lady of Azerbaijan.

Fields of Business

Among other subsidiaries are Pasha Insurance, Pasha Life and many others.[2][10] The company operates in Azerbaijan, Turkey, Montenegro, Uzbekistan and Georgia.[10] Pasha Holding owns a 50% stake in the Mandarin Oriental Bodrum Hotel.[11][12] In 2024, Pasha Construction invested 200 million US$ in building a Ritz-Carlton hotel in Tashkent, Uzbekistan.[13] 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]

Structure and Controversies

The company has been embroiled in high-level corruption in Azerbaijan.[2] The ultimate shareholders of the company are Pashayev and the first daughters of Azerbaijan's authoritarian ruler Ilham Aliyev, Leyla and Arzu.[14][15] According to news sources, Mehriban Aliyeva is not involved in the business.[3][14]

The company built the Four Seasons hotel in Baku, which involved destroying part of the Baku Fortress Wall of the Inner City.[2]

Partnerships

Pasha Holding has been partnering with the Baku International Jazz Festival for more than ten years.[16]

Critics like Transparency International have pointed out that Pasha Holding, a COP 29 "official partner", has close ties to the Aliyev family.[17][18]

References

  1. ^ "PASHA Holding website".
  2. ^ a b c d Altstadt, Audrey L. (2017). Frustrated Democracy in Post-Soviet Azerbaijan. Columbia University Press. pp. 126–127. doi:10.7312/alts70456. ISBN 978-0-231-70456-4. JSTOR 10.7312/alts70456.
  3. ^ a b c d e "PASHA Mischkonzern will an die Börse". Focus. 2024.
  4. ^ Kapital Bank. "About Kapital Bank - Section Shareholders".
  5. ^ KAP Public Disclosure Platform. "KAP Public Disclosure Platform Merkezi Kayıt Kuruluşu AŞ".
  6. ^ Turkey, Fortune (3 May 2024). "Pasha Bank, Türkiye'deki Faaliyetlerini Güçlendiriyor | Fortune Turkey" (in Turkish). Retrieved 28 May 2024.
  7. ^ Stöber, Silvia. "Aserbaidschan nach dem Öl-Boom: Modern und autoritär". tagesschau.de (in German). Retrieved 19 December 2024.
  8. ^ Ismayilova, Khadija; Radu, Paul (2015). "The Speakers' Corner". OCCRP.
  9. ^ Ray, Don (2015). "Forged in fire: the making of an investigative reporter". OCCRP.
  10. ^ a b Pasha Holdings. "Group Structure".
  11. ^ "Azerbaijan's PASHA Holding confirms acquiring stake at Türkiye's largest hotel". Trend.Az. 13 January 2023. Retrieved 28 May 2024.
  12. ^ alice (28 February 2023). "Revealed: Aliyev family's holding bought 50 percent of a luxury hotel in Bodrum". MEYDAN.TV. Retrieved 28 May 2024.
  13. ^ kunu.uz. "Azerbaijan eyes to build a five-star hotel in Tashkent". Kun.uz. Retrieved 12 September 2024.
  14. ^ a b Babali, Hafiz; Ismayilova, Khadija (24 March 2017). "Nowhere To Be Found: Firms With Official Ties Absent From Key Azerbaijani Registry". Radio Free Europe/Radio Liberty.
  15. ^ Bloss, Dave; Patrucic, Miranda; Ismayilova, Khadija; Azerbaijan, OCCRP (2016). "Azerbaijani Insiders Benefited from Currency Collapse". OCCRP.
  16. ^ "18 YEARS PARTNERS". bakujazzfestival (in Azerbaijani). Retrieved 12 September 2024.
  17. ^ "'Official Partners' of Azerbaijan's COP29 Climate Summit Linked To Ruling Aliyev Family and Their Inner Circle". OCCRP. 2024.
  18. ^ "COP Co-Opted: How corruption and undue influence threaten multilateral climate action" (PDF). Transparency International. 2024.
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