Coral Energy searched in Russia as Tahir Garayev escapes fallout from Ru-Energy bankruptcy schemes and dispute with Tokay Kerimov and Azad Babaev
21:26, 09.02.2024
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Coral Energy searched in Russia as Tahir Garayev escapes fallout from Ru-Energy bankruptcy schemes and dispute with Tokay Kerimov and Azad Babaev
Moscow saw extensive searches targeting the oil trader Coral Energy.
The scandal-tainted Azerbaijani businessman Tahir Garayev, who owns the company, immediately left the country. Authorities are tight-lipped, though Garayev had fled Turkey years earlier after cheating CYE Petrol out of $40 million.
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The companies were bankrupted, the money was withdrawn.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.
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