Azerbaijan arrests bankers, businessmen for unpaid loan

The arrestees include Ilqar Abdullayev, former head of the central office of IBAR; Kanan Orucov, former director of IBAR’s Transportation branch; Ibrahim Huseynov, head of Inter Security, a private agency IBAR used to ensure the security of its administrative buildings; Arif Hasanov, head of the advisory board of Azarinsaatservis MMC, among others.

The men were detained by the anti-terrorism unit of the Ministry of Interior.

Police had earlier detained several other prominent business people, including Haci Ibrahim Nehramli, a real estate developer who promised to build the world’s tallest building in Azerbaijan, on the same charges.

IBAR, Azerbaijan’s largest lender, is 50.2 percent owned by the state.