Azerbaijan releases businessmen arrested for fraud

In an interview with local media, Piriyev said he was detained by the Interior Ministry Department for Fight against Organized Crime on May 8 after failing to repay debt he borrowed from the state-owned International Bank of Azerbaijan (IBA).

Baku’s Nizami district court ruled to remand him in custody for four months pending trial for fraud and abuse of office.

Piriyev said he was released after repaying part of the debt. He also agreed with the bank to pay back the remaining part of the debt. 

He gave no other details.

Piriyev’s Azerbaijan Methanol Company (Azmeco) was co-financed by the International Bank of Azerbaijan and the European Bank for Reconstruction and Development. 

Blair visited Baku in 2009 to attend a loan agreement ceremony for Azmeco.

Another businessman detained on similar charges, Haci Ibrahim Nehramli, head of Avesta Concern, was also released. Speaking to ANS TV channel, Nehramli said he was set free after paying 1.5 million manat in overdue interest to IBA.  

Nehramli caught international media attention three years ago when he promised to build the world’s tallest building on a man-made island in the Caspian Sea.

The tower would be part of a development project called Khazar Islands.