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Azerbaijani conglomerate From Wikipedia, the free encyclopedia
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.[7] The company has been embroiled in high-level corruption in Azerbaijan.[2] The company has substantial government contracts across different sectors.[8]
| |
| Company type | Private company |
|---|---|
| Industry | Financial services |
| Founded | 2006 |
| Headquarters | Baku, Azerbaijan |
Area served | Azerbaijan Turkey Georgia Montenegro |
Key people | Jalal Gasimov, CEO[1] |
| Services |
|
| Total assets |  AZN 11.9 billion (2019) |
| Total equity | AZN 2.6 billion (2019) |
Number of employees | 8500+ (2019) |
| Website | http://www.pasha-holding.az |
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. The ultimate shareholders of the company are Pashayev and the first daughters of Azerbaijan's authoritarian ruler Ilham Aliyev, Leyla and Arzu.[9][10] According to news sources, Mehriban Aliyeva is not involved in the business.[3][9]
The company built the Four Seasons hotel in Baku, which involved destroying part of the Baku Fortress Wall of the Inner City.[2]
Among other subsidiaries are Pasha Insurance, Pasha Life and many others.[2][11] The company operates in Azerbaijan, Turkey, Montenegro, Uzbekistan and Georgia.[11] Pasha Holding owns a 50% stake in the Mandarin Oriental Bodrum Hotel.[12][13] In 2024, Pasha Construction invested 200 million US$ in building a Ritz-Carlton hotel in Tashkent, Uzbekistan.[14] 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] Pasha Holding has been partnering with the Baku International Jazz Festival for more than ten years.[15]
The Aliyev regime made PASHA Holding an "official partner" of COP29, raising questions by anti-corruption non-profit Transparency International.[16][17]
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