Azerfon is a major Baku-based telecommunication company that trades as Nar.[522] [546] In 2011, Panama companies Hughson Management Inc, Gladwyn Management Inc, and Grinnell Management Inc each owned 24% of Azerfon.[522] At that time, Leyla and Arzu Aliyeva were the directors of the companies, and Swiss lawyer Olivier Mestelan was the treasurer.[522]
Azerfon told The Sentry that Leyla Aliyeva, Arzu Aliyeva, and the three Panama companies do not hold stakes in Azerfon, adding: “Our management approach is based on integration of highest standards into everything we do. In particular, our corporate governance is built upon a set of internal regulations and policies that allows the management to mitigate potential non-compliances and subsequent risks which could ultimately affect our reputation as a reliable partner and service provider.”[1403]
Azerbaijan: Aliyev Empire
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