Azerbaijan’s presidential family is believed to have swindled the state out of the equivalent of SKr 6 billion, with the help of Nordic operator TeliaSonera, according to Swedish investigative programme Uppdrag granskning, the TT news agency and the Organised Crime and Corruption Reporting Project (OCCRP).
In 2008 the Azerbaijan state said it intended to sell its holding in TeliaSonera’s Azercell subsidiary. One of TeliaSonera’s holding companies acquired the state holding at an extreme discount; for USD 180 million, instead of the market value of USD 780 million.
In spite of the bargain, the Telia sphere handed over the whole purchase to a local partner, Cenay Iletisim, who has ties to the president’s daughters, and apparently without the partner having to spend a penny. Telia’s company financed the purchase and the local partner was paid back in dividends from the common activities.
Since 2008, the partner has received dividends of around SKr 2 billion. The partner also has the right to be bought out by the Telia company at the market price of SKr 6.8 billion, according to the latest annual report.