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PASHA Holding
Azerbaijani conglomerate From Wikipedia, the free encyclopedia
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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 it one of the most powerful companies in the country.[7][8]
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The company has been embroiled in high-level corruption in Azerbaijan.[2] 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.
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Ownership and subsidiaries
The ultimate shareholders of the company are Pashayev and the first daughters of Azerbaijan's authoritarian ruler Ilham Aliyev, Leyla and Arzu.[10][11] According to news sources, Mehriban Aliyeva is not involved in the business.[3][10]
Among its subsidiaries are Pasha Insurance and Pasha Life.[2][12] The company operates in Azerbaijan, Turkey, Montenegro, Uzbekistan and Georgia.[12] Pasha Holding owns a 50% stake in the Mandarin Oriental Bodrum Hotel.[13][14] In 2024, Pasha Construction invested 200 million US$ in building a Ritz-Carlton hotel in Tashkent, Uzbekistan.[15] 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]
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Activities
The company built the Four Seasons hotel in Baku, which involved destroying part of the Baku Fortress Wall of the Inner City.[2]
Critics like Transparency International have pointed out that Pasha Holding, a COP 29 "official partner", has close ties to the Aliyev family.[16][17]
Pasha Holding has been partnering with the Baku International Jazz Festival for more than ten years.[18]
References
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