PASHA Holding
{{Short description|Azerbaijani conglomerate}}
{{Use dmy dates|date=August 2021}}
{{Infobox company
| name = PASHA Holding LLC
| logo = Pasha_Holding_logo.png
| type = Private company
| traded_as =
| slogan =
| foundation = 2006
| location = Baku, Azerbaijan
| key_people = Jalal Gasimov, CEO{{Cite web|url=http://www.pasha-holding.az/about_us/directors_message.html|title=PASHA Holding website}}
| num_employees = 8500+ (2019)
| industry = Financial services
| services = {{hlist|Banking |Insurance| Investment and brokerage| Construction| Travel and tourism| Hospitality| Technology| Ecosystems| Property development}}
| products =
| area_served = Azerbaijan
Turkey
Georgia
Montenegro
| revenue =
| net_income =
| assets = {{increase}} AZN 11.9 billion (2019)
| equity = {{increase}} AZN 2.6 billion (2019)
| homepage = [http://www.pasha-holding.az/ http://www.pasha-holding.az]
}}
PASHA Holding is an Azerbaijani conglomerate.{{Cite book |last=Altstadt |first=Audrey L. |url=https://www.jstor.org/stable/10.7312/alts70456 |title=Frustrated Democracy in Post-Soviet Azerbaijan |date=2017 |publisher=Columbia University Press |isbn=978-0-231-70456-4 |pages=126–127 |doi=10.7312/alts70456|jstor=10.7312/alts70456 }}{{Cite news |date=2024 |title=PASHA Mischkonzern will an die Börse |url=https://www.focus.de/magazin/archiv/pasha-mischkonzern-will-an-die-boerse_id_260059569.html |work=Focus}} Its major holdings are Kapital Bank (81.08%){{Cite web |last=Kapital Bank |date= |title=About Kapital Bank - Section Shareholders |url=https://www.kapitalbank.az/en/about |access-date= |website=}} and Pasha Bank (71.7498%).{{Cite web |last=KAP Public Disclosure Platform |title=KAP Public Disclosure Platform Merkezi Kayıt Kuruluşu AŞ. |url=https://www.kap.org.tr/en/sirket-bilgileri/genel/4028e4a14184e9c9014192aa6c1c1e03}}{{Cite web |last=Turkey |first=Fortune |date=2024-05-03 |title=Pasha Bank, Türkiye'deki Faaliyetlerini Güçlendiriyor {{!}} Fortune Turkey |url=https://www.fortuneturkey.com/turkiyedeki-faaliyetlerini-gelistiriyor |access-date=2024-05-28 |language=tr}} PASHA Holding is owned by the Aliyev and Pashayev families in Azerbaijan, two of the most powerful families in the country, making it one of the most powerful companies in the country.{{Cite web |last=Stöber |first=Silvia |title=Aserbaidschan nach dem Öl-Boom: Modern und autoritär |url=https://www.tagesschau.de/ausland/aserbaidschan-modernisierung-101.html |access-date=2024-12-19 |website=tagesschau.de |language=de}}{{Cite web |last=Ismayilova |first=Khadija |last2=Radu |first2=Paul |date=2015 |title=The Speakers' Corner |url=https://www.occrp.org/en/project/corruptistan-azerbaijan/the-speakers-corner |website=OCCRP |language=en}}
The company has been embroiled in high-level corruption in Azerbaijan. The company has substantial government contracts across different sectors.{{Cite web |last=Ray |first=Don |date=2015 |title=Forged in fire: the making of an investigative reporter |url=https://www.occrp.org/en/project/corruptistan-azerbaijan/forged-in-fire-the-making-of-an-investigative-reporter |website=OCCRP |language=en}} The revenue in 2023 was 1.3 billion Euros. It has more than 20,000 employees and total assets of 11 billion Euros.
Pasha Holding was founded by Arif Pashayev, the father of Mehriban Aliyeva (née Pashayeva), the first lady of Azerbaijan.
Ownership and subsidiaries
The ultimate shareholders of the company are Pashayev and the first daughters of Azerbaijan's authoritarian ruler Ilham Aliyev, Leyla and Arzu.{{Cite news |last1=Babali |first1=Hafiz |last2=Ismayilova |first2=Khadija |date=2017-03-24 |title=Nowhere To Be Found: Firms With Official Ties Absent From Key Azerbaijani Registry |url=https://www.rferl.org/a/azerbaijan-ilham-aliyev-firms-with-official-ties-absent-tax-registry/28388581.html |work=Radio Free Europe/Radio Liberty |language=en}}{{Cite web |last=Bloss |first=Dave |last2=Patrucic |first2=Miranda |last3=Ismayilova |first3=Khadija |last4=Azerbaijan |first4=OCCRP |date=2016 |title=Azerbaijani Insiders Benefited from Currency Collapse |url=https://www.occrp.org/en/project/corruptistan-azerbaijan/azerbaijani-insiders-benefited-from-currency-collapse |website=OCCRP |language=en}} According to news sources, Mehriban Aliyeva is not involved in the business.
Among its subsidiaries are Pasha Insurance and Pasha Life.{{Cite web |last=Pasha Holdings |title=Group Structure |url=https://pasha-holding.az/en/about-us/group-structure/}} The company operates in Azerbaijan, Turkey, Montenegro, Uzbekistan and Georgia. Pasha Holding owns a 50% stake in the Mandarin Oriental Bodrum Hotel.{{Cite web |date=2023-01-13 |title=Azerbaijan's PASHA Holding confirms acquiring stake at Türkiye's largest hotel |url=https://en.trend.az/business/3694742.html |access-date=2024-05-28 |website=Trend.Az |language=en}}{{Cite web |last=alice |date=2023-02-28 |title=Revealed: Aliyev family's holding bought 50 percent of a luxury hotel in Bodrum |url=https://www.meydan.tv/en/article/revealed-aliyev-familys-holding-bought-50-percent-of-a-luxury-hotel-in-bodrum/ |access-date=2024-05-28 |website=MEYDAN.TV |language=en-US}} In 2024, Pasha Construction invested 200 million US$ in building a Ritz-Carlton hotel in Tashkent, Uzbekistan.{{Cite web |last=kunu.uz |title=Azerbaijan eyes to build a five-star hotel in Tashkent |url=https://kun.uz/en/news/2024/05/22/azerbaijan-eyes-to-build-a-five-star-hotel-in-tashkent |access-date=2024-09-12 |website=Kun.uz |language=en}} 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.
Activities
The company built the Four Seasons hotel in Baku, which involved destroying part of the Baku Fortress Wall of the Inner City.
Critics like Transparency International have pointed out that Pasha Holding, a COP 29 "official partner", has close ties to the Aliyev family.{{Cite news |date=2024 |title=‘Official Partners’ of Azerbaijan’s COP29 Climate Summit Linked To Ruling Aliyev Family and Their Inner Circle |url=https://www.occrp.org/en/project/know-your-host/official-partners-of-azerbaijans-cop29-climate-summit-linked-to-ruling-aliyev-family-and-their-inner-circle |work=OCCRP}}{{Cite web |date=2024 |title=COP Co-Opted: How corruption and undue influence threaten multilateral climate action |url=https://acdatacollective.org/wp-content/uploads/2024/10/COP-Co-Opted-How-Corruption-and-Undue-Influence-Threaten-Multilateral-Climate-Action_FIN.pdf |website=Transparency International}}
Pasha Holding has been partnering with the Baku International Jazz Festival for more than ten years.{{Cite web |title=18 YEARS PARTNERS |url=https://www.bakujazzfestival.com/10-years-partner |access-date=2024-09-12 |website=bakujazzfestival |language=az}}