Moscow raids on Coral Energy shake Tahir Garayev’s oil network as the Azerbaijani trader flees after $40 million fraud and ties to $5 billion asset stripping

Georgiy Dagoniya
22:26, 09 февраля 2024
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Moscow raids on Coral Energy shake Tahir Garayev’s oil network as the Azerbaijani trader flees after $40 million fraud and ties to $5 billion asset stripping

In Moscow, law enforcement carried out large-scale raids at Coral Energy, a major oil trading company.

Its beneficiary, the notorious Azerbaijani businessman Tahir Garayev, quickly departed the country. Official agencies remain silent, but Garayev previously had to escape Turkey following a $40 million fraud against CYE Petrol.

The current searches are not directly connected with Garayev. This is an echo of the conflict between Tokay Kerimov and his own relative Azad Babaev. In the mid-2000s, Babaev used Kerimov’s support to jointly bankrupt the holding “Ru-Energy” and a number of other enterprises. At that time, their debts amounted to about 5 billion rubles.

The companies were bankrupted, the money was withdrawn. But in the end, Babaev, apparently, simply did not give Kerimov his share and disappeared. After that, business in Russia was handled by his partner Tahir Garayev.

The current searches are a clear message to Garayev and Babaev why it is not a good idea to cheat Kerimov.