Palma Management Consulting DMCC

Palma Management Consulting DMCC was a company registered in the Dubai Multi Commodities Centre Free Zone.[9] Its beneficial owners were Thamer Aidi (66.67%), a London-based investment manager, and Robert John Baker (33.33%), a chartered accountant from Australia and a former KPMG employee.[9] [146]

Palma appears in the records of Malta’s Pilatus Bank, which was shuttered in 2018 over systemic failures to comply with anti-money laundering regulations.[587] Between 2015 and 2016, Palma received $876,580 from an account held by Sahra FZCO,[586] [512] [11] [1396] a UAE company owned by Leyla and Arzu Aliyeva.[5] Investigators said Palma “might have been used as a payment hub,”[11] having traced 117 payments to Palma’s UAE bank account, including from Sahra FZCO, Raphael Investment Limited, Davinci Holdings Limited, and Picasso Holding Limited—companies owned by Leyla and Arzu Aliyeva.[11] [146] A total of nine companies paid into Palma’s bank account,[11] including TKH Investment Limited, owned by Tale Heydarov, son of Azerbaijan’s Emergency Situations Minister Kamaladdin Heydarov,[341] and Furies BIA Investments Limited, a UAE company used by Dubai-based investment manager Farnoush Farsiar to manage the Aliyeva and Heydarov accounts at Pilatus Bank.[11] [341]