Ramin Isayev

Ramin Isayev (also known as Ramin Ali Hakan) is an Azerbaijani businessman and former executive. He served as the founding General Director of SOCAR AQS from 2008 to 2020. In 2023, he was arrested for financial crime charges and, in September 2025, was convicted of large-scale embezzlement and related offenses of over $32M USD, receiving a 14-year prison sentence from the Baku Court of Grave Crimes.

Early life and education Public information about Isayev's early life is limited. He has stated on his LinkedIn profile that he graduated from Baku State University with a Master of Science degree in physical sciences in 1994. He also attended various executive education programs. Some media outlets reported that he completed an executive MBA program at the Massachusetts Institute of Technology (MIT). In January 2025, a spokesperson for MIT confirmed that the institute had revoked a degree previously granted to Isayev, citing academic integrity issues.

Career Isayev worked as an economist at Azerbaijan's Ministry of Finance until 1998. He later moved into the private sector, including roles in the energy industry such as at BP/Statoil's gas project in Azerbaijan and at KCA Deutag, an international oil drilling company.

In 2008, he became the founding General Director of SOCAR AQS, a joint venture between the State Oil Company of Azerbaijan Republic (SOCAR) and international partners. During his tenure, the company expanded drilling operations and entered into new partnerships.

Legal issues and conviction In July 2023, Azerbaijani media reported that Isayev had been arrested on suspicion of embezzling 16 million manats (US$9.4 million) during his leadership at SOCAR AQS.

On 16 September 2025, the Baku Court of Grave Crimes convicted Isayev of embezzlement, money laundering, abuse of office, and fraud, sentencing him to 14 years in prison. The court found that he had diverted more than 54 million manats (US$31.7 million) for personal use. His assets, including real estate and large cash holdings, were confiscated.

Prosecutors alleged that Isayev placed relatives and associates in high-paid posts, created companies that later won state tenders, laundered funds through property purchases in Turkey (where he obtained citizenship under the name Ramin Ali Hakan), and misused loans from the International Bank of Azerbaijan. They also accused him of organizing cyberattacks against SOCAR AQS.

Impact on the oil sector Isayev's conviction was widely covered by local and international media and cited by analysts as highlighting systemic weaknesses in Azerbaijan's energy industry. The case reinforced calls for stricter oversight of state-affiliated enterprises and greater transparency in executive management. SOCAR AQS has since introduced reforms aimed at preventing similar misconduct.

Personal life Isayev is reportedly single and has no children. He practices Islam and has described himself as an economist with an interest in sports.